Published: Friday June 15, 2012 MYT 4:30:00 PM
N2N Connect confident of double-digit revenue growth
KUALA LUMPUR: N2N Connect Bhd remains confident of maintaining double-digit revenue growth this year, having made RM20.7mil in 2011.
Managing Director Andrew Tiang Boon Hwa said on Friday growth could be sustained from domestic projects that were expected to be completed by end of this financial year ending Dec 31, 2012.
N2N Connect is a researcher and developer of software packages and provider of designs, programming, consultancy services and related activities.
"For the last two quarters, although we have reported financial losses, we actually have been generating positive cash flow and earnings before interest, taxes, depreciation and amortisation.
"The trend is set continue for the remaining quarters as the assignments that we have on hand are sufficient to keep us busy until end of this year," Tiang told Bernama after the AGM.
He said the full force of the revenue would actually come in the next few quarters.
Presently, N2N holds more that half of the market share in Malaysia, and expects it to increase further upon completion of its assignments by end of this year.
The company also has presence in Singapore, Indonesia, Vietnam, Hong Kong, the Philippines, Saudi Arabia and Kuwait.
"There are a number of countries particularly in Europe that we are eyeing right now.
"They've actually made enquiries for us to work with them. However, we need to be careful not to outpace ourselves as we did in 2006," Tiang said.
He said the crisis in Europe prompted companies there to look into possible restructuring and capital reduction as well ways to enhance productivity and efficiency which N2N could be of service with its cost effective measure to manage their situation. - Bernama