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China Eastsea Business Software Ltd

  • BY: Andrew Hore |
  • POSTED: 06/11/2009 |

China Eastsea Business Software Ltd reported an interim loss in the six months to August 2009.
The IT and business process outsourcing software and services provider reported a swing from a profit of 108,000 to a loss of 479,000. Stripping out currency effects the loss increased from 144,000 to 415,000. Revenues were flat at 3.68m.

Net cash is 1.57m after a significant cash outflow mainly due to higher debtors. That is because the company has given struggling customers better payment terms.

Shares in China Eastsea fell 3p to 7p each, which values the company at 5.41m. Net assets are 16.2m and even if intangibles are stripped out the figure is still nearly 11m.

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