JCurve flags pre-tax loss due to project delays
Summary
JCurve Solutions (ASX:JCS) has reported a net profit before tax loss of $161,864 for the six months ending 31 December 2017, as a result of delays to the delivery of larger NetSuite and MYOB Advanced projects, which will be ready to go live in the third quarter. Overall, the Sydney-based cloud technology company closed the half year with net profit after tax (NPAT) of $393,427. The revenue for the period increased by 11 per cent, to $5 million, as a result of organic growth, the company told shareholders on 21 February. “Our business is growing and sales mix changing as we pick up larger contracts which have a longer lead time to full revenue recognition but provide a very strong foundation for the business.” The company said the ERP division grew by 21 per cent after recognising $3.5m of revenue, which is a significant increase from the restated $2.9m in 1HY2017. JCurve adopted new financial reporting standards from July 2016, which resulted in changed accounting policies and adjustments.
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