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Intermoco 1H loss grows on revenue slump

Intermoco 1H loss grows on revenue slump

Intermoco (ASX:INT) has reported a wider loss of $1.8 million for 1H11.

The company, which recorded profit of $1.4 million in 1H10, develops hardware and software applications for the electricity, water and gas industries - including “smart grid” solutions.

Revenue fell 29.5% to $1.6 million, and the company generated negative cashflows from operations of $1.95 million – up from 1H10's $1.91 million.

But the company said it had experienced an improvement of trading conditions, and had a year of “exceptional [sales] pipeline growth.”

Revenue from four projects – two apartments, a retirement village and a commercial district – are expected to begin generating revenue from the the current quarter, Intermoco added.

A $1.4 million capital raising conducted after the reporting period is also reduce debt to nil, and leave it with zero interest payments going forward compared to the $252,000 paid out in FY10.

When the funds come in from the raising, the company will also have $1.2 million worth of cash in bank, Intermoco said.

Intermoco is also conducting a one-for-nine rights issue to help repay a convertible note.

INT shares stayed flat on Wednesday to close at $0.004.

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Tags financial resultssmart gridUtilitiesIntermocoASX:INT

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