HP JDV makes nine month loss
Financial services technology group HP JDV lost more than $13 million in the nine months to March 31.
Following the announcement of two major deals with St George and Macquarie, Hartley Poynton's JDV has released figures showing a loss of $3.9 million for the March 2001 quarter.
The group recorded a loss of $9.2 million for the six months to December 31 on the back of revenue of $36.5 million.
HP JDV managing director Tim Moore attributes the loss to poor market conditions for equity capital market transactions together with low transaction volumes in the ASX over recent months. Hartley Poynton, which spun off JDV in May last year, has made similar lower-than-forecast revenues across all its businesses.
The outlook for JDV in spite of the recent losses is positive, with predictions of profits from July 2001, which are viewed by the company as being realistic. HP JDV points to the deals signed with St George and Macquarie as supportive of this forecast.
AUTHOR
Lachlan Gilbert
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