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Kordia turns around in second half

Kordia turns around in second half

Trans-Tasman cable project to ramp up over next six months, says chairman.

Kordia Group has posted a $4.7 million second half profit, reversing a first half loss and delivering a full year profit of $1.1 million before restructuring costs of $2.2 million.

The State-owned broadcasting and network infrastructure business, which recorded $254 million in total revenue for the year ended 30 June, cut staff in its New Zealand engineering consultancy business during the current year. Revenue in the second half was also up, at $138.4 million, on the first half's $115.2 million.

CEO Geoff Hunt characterises the changes as a transformation of Kordia from being a "sunset, analogue, broadcast-centric business" to a technology, media and telecommunications business.

Hunt says the result is pleasing given difficult economic times and capital investment in the telecommunications sector. He says the company's New Zealand revenue mix has changed and is now weighted towards the telecommunications market.

Read more at Computerworld.

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