For the three months ended 30 June 2005 compared to the three months ended 30 June 2004:
•Net revenues were up 4.9% to $86.0 million •Operating result before restructuring costs and gain on the sale of property increased by $7.0 million to a profit of $1.2 million•The net income increased to $4.5 million
For the six months ended 30 June 2005 compared to the six months ended 30 June 2004:
•Net revenues were down 2.7% to $169.6 million •Operating result before restructuring costs and gain on the sale of property increased by $2.3 million to a loss of $7.8 million•The net loss reduced to $4.6 million
Johan Eliasch, Chairman and CEO, commented:
"The Company developed positively in the second quarter of 2005. Whilst market conditions remain tough, the results of our restructuring have started to impact the profitability and both margins and absolute profits improved in all divisions compared to the prior year. In addition to strong profitability, the Company also improved its’ operating cashflow which for the first six months of the year was up from $7.5 million to $26.9 million in 2005 .
Whilst market conditions have not improved significantly, our performance is improving. We are therefore more optimistic about our outcome for the full year 2005, although operating profit (after planned restructuring costs and gains on sale of property) will still be lower than that achieved last year."