Cellnet records $15.8 million loss

Australian telecommunications accessories distributor, Cellnet, has reported a $15.8 million loss for the year ending 30 June.

Alexander Beard, chairman of the board at Cellnet, told CRN the results "weren't great" compared with a $4.7 million loss the previous year.

"But it was expected," he said.

"The losses were incurred when Cellnet exited from the IT distribution business."

Beard said the distie's restructure had a positive effect on its balance sheet.

"The company is debt free with $20 million in cash," he said.

The positive balance sheet allowed Cellnet to look at an undisclosed number of potential acquisitions and offer returns to shareholders, said Beard.

"It's to early to discuss plans but I can say we won't be looking at IT distribution," he said.

Beard said the distributor planned to continue to focus on its residual business telecommunications accessories business.

"Our long term plan to offer after sales support to the market was fuelled by growth in customer demand for mobile phone handsets, iPhones and iPods," he said.

The distributor forecasted its profits to be between $1 million -$1.2 million for the next financial year, from its existing business.