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ACCOUNTING SOFTWARE CO MYOB REPORTS 6MTH NET LOSS.
SYDNEY, Sept 3 Asia Pulse - Accounting software development company MYOB Ltd (ASX: MYO) expects to run at an operating loss of about $A1 million ($US525,900) for the 2001 year, the business said today.
The firm this morning reported a $1.96 million net loss for the six months ending June 30, 2001.
MYOB chief executive officer Craig Winkler said the Australian market was showing encouraging signs for the second half of the year.
"The improved revenue outlook should put MYOB in a position of profitability in the second half of the year," Mr Winkler said.
He admitted the first half result was disappointing, but said a number of cost-saving measures had been put in place aimed at adjusting the operations to meet expected trading conditions into 2002.
The operating loss of $2.45 million to June 30 included one-off redundancy costs of more than $700,000, and one-off costs of $900,000 associated with consolidation of operations in Melbourne.
"This year we made a significant investment in upgrading our software platform ot ensure that the compliance process for accountants is made easier in the future," Mr Winkler said.
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