The Perth-based company said its Australian operations improved in performance with a total of $5.4 million in revenue with the products group returning a 59% gross profit and the project activities group returning approximately 25%.
The US operations posted a loss of $290,000 on revenue of $1.6 million. "This figure represented the investment needed to enter this lucrative market," said AES managing director, Stephen Phillips.
Phillips added administration costs are expected to reduce dramatically in calender year 2003 as research and development projects are curtailed and other operating costs are significantly managed down.
AES chairman and director Don Watts has used the timing of the half-year report to announce his retirement, which will take effect in April 2003. Chief financial officer and executive director Michael McGilvray has also announced he will retire from AES, effective 21 March 2003.
