Luminus halves 2009 losses to $5.2m

Investment company Luminus Systems (ASX:LSL), which owns holdings in several IT companies, more than halved its 2009 losses to $5.2 million.

The company, which reported a $12.1 million loss in 2008, said it had shaved nearly $3 million from its expenses during the year.

But revenue fell to $6.6 million from $6.9 million, and the cost of sales increased to $4.3 million from $3.8 million.

A portion of the losses can be attributed to underperforming subsidiary Promium, an investment Luminus sold out of in January, one day after the end of the accounting period.

Luminus sold a 40% stake in Promium for $5,000, lowering its ownership from 79.5% to 39.5%, the company said.