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read moreAlphawest issues profit warning after close
Stan Beer
Tuesday, 30 November 2004 21:42
In an after close announcement, systems integrator, Alphawest Limited (ASX:ALW), has warned that it expects the full year profit result for 2004 will be well below the company's prospectus forecast issued in February this year.
Although ALW said in a statement to the ASX that it is on track to meet its revenue target of $145m, the likely proforma EBITDA for the 2004 year is in the range from $2.6m to $3.0m compared to the proforma forecast EBITDA of $5.0m in the prospectus.
ALW attributes the shortfall in EBITDA to three factors:
The deferral of material project/contract revenues in Singapore and Western Australia.
Reduced gross margins due to a change in mix between infrastructure solutions and information management product and services revenues.
The Victorian branch performed below expectations and failed to achieve its turnaround target.
Net profit after tax, taking into account the amortisation of goodwill, is expected to be within a range from negative $0.3m to breakeven.
ALW shares were down 1c to close on 45c in very light trading.
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