Finzsoft Solutions falls into red

Auckland: Finzsoft Solutions sank into the red in the first half as revenue dropped almost a third, saying the timing of its licence fees is variable and that it continues to trade well.

The Aucklandbased financial service software developer, controlled by Singaporelisted Silverlake Axis Group, reported a loss of $358,000, or 4.06c per share, in the six months ended December 31, compared with a profit of $2 million, or 22.12c, a year earlier. Revenue dropped 28% to $7.4 million, while costs gained 3.4% to $7.9 million.

The software developer’s operating cashflow shrank to $591,000 in the half from $3.8 million a year earlier, and it held cash and equivalents of $2.5 million as at December

31. — BusinessDesk