Spice i2i: FY11 results for a 15-month period ending 31 Mar, revenue is up 193.3% yoy to US$337m compared to the previous year. Revenue growth was driven by strong sales in mobile handsets and contributions from subsidiaries..
Net loss before tax was US$555k, however the company managed to record a net profit after tax of US$483k a decrease of 72.3% from the previous year. This is due to a US$1m positive impact from income tax due to reversal of deferred tax liabilities and recognition of deferred tax assets. Benefitting the bottom line was a US$9m forex gain on the weakening USD, compared to US$272k the year before...
Also impacting the bottom line was a near 6-fold increase in finance costs to US$2.2m due to a loan given by a Director and inclusion of finance costs of its subsidiaries. There was also a one-time US$5.6m legal and consultancy fee due to acquisitions and incorporation of new subsidiaries during the period.
The company remains in a net cash position however cash increased close to five times to US$86.7m due to proceeds from the rights issue and redemption of matured investments...
Taking the 12-month period ending 31-Mar, revenue is up 156.6% to US$295m. Net profit is down 48.7% to US$894k.
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