Kordia has announced a half year net profit after tax of $1 million, a marked improvement on the same period last year in which it posted a $4.4 million loss.As of 31 December 2009, the company was ahead of budget in both revenue and profit and is ahead of budget in debt repayments – reducing its net debt level form $105.4 million to $101.1 million in the past six months.CEO Geoff Hunt says the results reflect the $167 million investment made in the business in the past four years. “The transformation of the Kordia Group from a sunset, analogue, broadcast-centric business to a technology, media and telecommunications business with new services and products is really starting to deliver to the bottom line,” he says. Among the new ventures is a proposal for a trans-Tasman cable in a project called Optikor, which is delayed due to Kordia’s partner PIPE Networks being subject to sale in Australia.
