[00-8-22] Australia's SecureNet Unlocks More Asian Dollars
By John Stackhouse, Computer Daily News.
SYDNEY, AUSTRALIA,
22 Aug 2000, 2:25 AM CST
Australia's SecureNet Unlocks More Asian Dollars 08/22/00 SYDNEY, AUSTRALIA, 2000 AUG 22 (NB) -- By John Stackhouse, Computer Daily News. Australian e-commerce security products supplier SecureNet Limited [ASX:SNX] unlocked an operating profit before tax and equity accounting of A$3.62 million (US$2.13 million) for the year to June 30, up 90 percent on the previous year.
SecureNet provides secure e-commerce services for Internet applications, remote banking, VPNs and data critical activities. It markets an increasing proprotion of its products to China and other Asia-Pacific nations.
Investors in the company include Santa Clara-based chipmaker Intel Corp. [NASDAQ: INTC} and Hong Kong-Based Pacific Century CyberWorks (PCCW), which has recently acquired telco Cable & Wireless HKT.
Revenue for the latest year increased 75 percent to A$21.1 million ($12.44 million), the company reported. Earnings before tax and interest were A$2.19 million ($1.29 million). Cash flows during the year showed a net increase in cash holdings of A$87.3 million ($51.47 million).
Said Managing Director Geoffrey Ross: "Already 47 percent of our revenue is generated offshore and this will grow now that we are the key provider of IT&T trust services to the pan-Asian region."
Major developments in recent months have included the launch of a Hong Kong based joint e-comerce venture with Cable & Wireless HKT - now part of PCCW - and a partnership agreement with Mondex International to develop smartcard-based products and services.
Exchange Rate: $1 = A$1.70
Reported By Newsbytes.com, newsbytes.com .
02:25 CST
(20000822/WIRES ASIA, TELECOM, LEGAL/)
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