CORRECT: NZAX"s Mykris reports strong earnings in 1st year

CORRECT: NZAX’s Mykris reports strong earnings,

dividends in first year of listing

By Pattrick

Smellie

(replaces earlier story which used prior year

financials, corrects dividend in first par)

Aug 1

(BusinessDesk) – NZAX-listed Malaysian internet services

play Mykris has reported a solid lift in earnings and is

paying 1.5 cents per share in dividends in its first year

since seeking a listing on the New Zealand alternative

market’s board.

The company operates in Malaysia but

reports in New Zealand dollars, turning over $8.9 million in

the year to March 31, and turning in a net profit after tax

benefits worth $212,783 of $1.29 million.

Earnings before

interest, tax and depreciation, which excludes the

significant depreciation charges the company faces, showed a

surplus of $4.0 million, compared with a loss for in its

first six months of trading, to June 30 2012, of $1.51

million.

In its first six months of existence, Mykris

reported a loss after a $275,870 tax benefit, of $361,086.

Listing fees of more than $500,000 were recognised in that

first period.

Mykris is touting its ability to provide

complete online systems, including billing and other system

integration, for five star hotels, budget airlines, highway

concessionaires, manufacturers, media groups, education

providers, logistic and virtual office services in

Malaysia.

It also believes its hospitality industry

services would be competitive in New Zealand.

“Our

products and services work well for large hotels and for

companies with significant internet usage who wishes to

manage that capacity,” said executive chairman Chew Choo

Soon in the 2013 annual report. “The clients are able to

obtain significant advantage over technology available in

the New Zealand market.”

“We sought an NZAX listing in

2012 to gain exposure to new shareholders, believing that

New Zealand investors have an improving appetite for high

growth scalable companies with exposure to international

markets,” said Chew.

The company’s shareholders are

still primarily Malaysian, with some 83.2 percent of Mykris

shares held in Malaysia, another 12.3 percent in Singapore,

and 4.4 percent in New Zealand, a slight increase on the

previous year.

New Zealand businessman Brent King,

managing director at Investment Research Group, is a

director of

Mykris.

(BusinessDesk)

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CORRECT: NZAX"s Mykris reports strong earnings in 1st year