Nexbis swings to $21m 1H loss

Forensic-level mobile security solution developer Nexbis (ASX:NBS) today reported a $21 million 1H net loss – a 359% decline in fortunes compared to 1H09’s $8.1 million profit.

The loss was primarily attributed to the temporary suspension of the Malaysian Nexcode project, which has forced the company to allocate a combined $9.4 million for impairment charges.

Foreign exchange losses of $900,000, and a $6.6 million amortisation and depreciation loss also contributed, Nexbis said.

But the company added it remains debt-free, with a healthy cash balance of $15.2 million and operating cash-flow of $6.03 million.