The Board of Directors of Quantum Corporation Limited examined and approved the indicative results for 2004. The Group has continued its policy for the expansion of operations in the sector of technology.
Through its subsidiary Glory Technology Limited, the Group has reached an agreement for the sale of terminal equipment, computerization systems and services based on UGS system for the computerization of Olympic Glory Lottery, which is specialized in the sector of electronic games in Uzbekistan.
Moreover, the agreement for the acquisition of the logistic system (Software) that will secure the operation of the special final systems, F.O.A.Ts. (FIX ODDS AMUSEMENT TERMINALS), which has been reached by the subsidiary Glory Worldwide Holdings Limited, is expected to contribute in the second half of 2005. The cost of investment amounts to £3.5mln and the Group has written-off the sum.
The drop in the turnover from £19.5 million to £11.5 million, which is attributable to the fact that the results do not include any contribution of the subsidiaries which had been sold in 2003 and were actively involved in the sector of collective betting in Cyprus and the fact that the investments of the Group in the sector of technology continued in 2004, resulted to the drop in the gross profit from £1.62 million to £1.32 million.
The results have also been affected by:
- The “loss from revaluation of investments” which has been increased from £165 thousand to £438 thousand.
- The results for 2004 include profit of £115 thousand from the sale of the stake that the group held in Olympic Glory Lottery in Uzbekistan, while the results for 2003 included a profit of £14.2 million from the sale of the share capital of the depended companies in the Greek company OPAP S.A.
- The net finance costs showed an increase from £83 thousand to £707 thousand.
- The administration expenses and the other operating expenses dropped from £4.96 million to £3.60 million.
As a result, the Group has recorded losses of £5.68 million for 2004 against losses of £4.48 million in 2003.
The policy of the Group for the expansion in the sectors of technology, the agreements that the Company has reached in the past 2 years and the strong capital base secure the prospects for the improvement in its results in the next few years.
Through its subsidiary Glory Technology Limited, the Group has reached an agreement for the sale of terminal equipment, computerization systems and services based on UGS system for the computerization of Olympic Glory Lottery, which is specialized in the sector of electronic games in Uzbekistan.
Moreover, the agreement for the acquisition of the logistic system (Software) that will secure the operation of the special final systems, F.O.A.Ts. (FIX ODDS AMUSEMENT TERMINALS), which has been reached by the subsidiary Glory Worldwide Holdings Limited, is expected to contribute in the second half of 2005. The cost of investment amounts to £3.5mln and the Group has written-off the sum.
The drop in the turnover from £19.5 million to £11.5 million, which is attributable to the fact that the results do not include any contribution of the subsidiaries which had been sold in 2003 and were actively involved in the sector of collective betting in Cyprus and the fact that the investments of the Group in the sector of technology continued in 2004, resulted to the drop in the gross profit from £1.62 million to £1.32 million.
The results have also been affected by:
- The “loss from revaluation of investments” which has been increased from £165 thousand to £438 thousand.
- The results for 2004 include profit of £115 thousand from the sale of the stake that the group held in Olympic Glory Lottery in Uzbekistan, while the results for 2003 included a profit of £14.2 million from the sale of the share capital of the depended companies in the Greek company OPAP S.A.
- The net finance costs showed an increase from £83 thousand to £707 thousand.
- The administration expenses and the other operating expenses dropped from £4.96 million to £3.60 million.
As a result, the Group has recorded losses of £5.68 million for 2004 against losses of £4.48 million in 2003.
The policy of the Group for the expansion in the sectors of technology, the agreements that the Company has reached in the past 2 years and the strong capital base secure the prospects for the improvement in its results in the next few years.
Monday, 28 February, 2005 - 10:36