ETT says profit is 'elusive'

The interim result for the now Sydney-based business was slightly worse than last year's $3 million loss. Revenue was $158,000 compared with $814,000 last year.

During the first half of the year the business, which changed its name from E-Phone, has been operating via two business divisions - ETT Access and ETT Australasia.

The company says its Access division, which provides specialised transaction processing software to corporate clients, has steadily implemented the rollout of its PATLOC software.

"It is now beginning to realise its undoubted market potential with steady growth in the number of public access terminals equipped with the software. The level of demand particularly from the corporate sector provides grounds for an expectation of over 2000 PATLOC equipped terminals by mid 2002."

However the news is not so bright at ETT Australasia, which markets transaction processing equipment and processing systems to banking and corporate clients.

"ETT Australasia has not yet performed to expectations owing to significant changes emerging in the Eftpos environment," the company says.

"There exist a number of strategies which are being pursued to maximise the value of the company's investments in the payments area. Achievement of profitable results remains an elusive goal for the company and it is not yet possible for the board to predict a profit in the current financial year.

CEO Bob Barraket has taken over as chairman of ETT, as well as retaining the chief executive role, following Craig Ashby's resignation. Mr Ashby remains a director.

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