Australian internet company LibertyOne posted an operating loss of A$7.3m ($4.8m) for the year through June 30, almost $6m ($4m) less than predicted in its listing prospectus last December. However chief executive Warren Lee described the results as very gratifying saying the company was now well positioned for growth. He said revenues in the year were more than double the initial forecast at $18.3m ($12.2m).
Lee said A$4m ($2.6m) of the loss was due to amortization of goodwill after LibertyOne’s acquisition of web design firm Zivo and other companies during the year, while $2.2m was in one-time pay-offs to executives who left during the year.
LibertyOne’s string of recent acquisitions includes development firm Internet Reach Group, New Zealand web design firm Clearview Communications, and Hong Kong companies Net Power, HT Hypernet and Chinese Books Cyberstore. The company also has an alliance with US online auction house uBid, in addition to its A$14m ($9.2m) joint venture with Excite to develop internet portals and search sites in Asia.
