Platform and managed account technology provider Praemium has posted a net profit after tax of $4.4 million but has cautioned shareholders over the figure, stating that the write-downs of accumulated losses was behind much of the results.
Praemium board chair Bruce Loveday stated that despite the group posting a positive net profit after tax figure it has yet to achieve operating profitability across the group.
Loveday said that Praemium’s core business in Australia had been profitable for the second year running and was likely to remain profitable into the future.
As a result, the board decided that accumulated losses would now be recognised in the company accounts as a Deferred Tax Asset, a decision which has caused Praemium to report the net profit after tax figure of $4.4 million.
Praemium’s annual report states that earnings before income tax were a $292,000 loss, down from last year when the loss was $3.66 million.
Praemium chief executive Michael Ohanessian said the Australian operations were profitable with a $3.9 million profit after tax and was a significant turn-around from where the business was two year when it posted a modest profit of $352,000.
