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'Rebuilt' Spectrum posts loss

By Phil Boeyen, ShareChat Business News Editor

Tuesday 12th September 2000

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Tech company Spectrum Resources has lost more than half a million dollars in the year to June.

The reborn tech company recorded a loss of $535,000, compared with an $835,000 profit last year.

However the company says it has been in a period of transition and change over the past year as it developed a new focus on the tech sector, and the loss reflects the expenses involved in rebuilding the company.

Spectrum says the performance of its first acquisition, WEL Technology, is very encouraging, and the company will continue to look for further technology industry purchases.

One recent WEL Tech success was in selling a software license to big US software firm, Lucent Technologies.

Spectrum's consolidated total equity at the end of June was $1.594 million and compares with $1.634 million at the end of the previous financial year.

Since balance date the company has raised $4.159 million through a successful rights issue and it says it is adequately funded.

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