Byte Power narrows losses 5.5% in 1H10

IT product developer and distributor Byte Power narrowed its losses 5.5% to $911,000 in 1H10, due to debt reduction measures and an increase in service revenue.

The company said shareholders and creditors had agreed to convert debts to equities, reducing liabilities by $3.5 million.

Revenue meanwhile grew 8.2% to $528,000, with gains from its Chinese e-kiosk project and the recommencement of its IT trading business contributing to growth.

Byte Power said it has since tripled the number of e-Kiosks owned it China to 90, and that this and the resumed IT trading business will contribute to earnings in the months ahead.