GTG hails successful year despite mixed results

Genetic Technologies [ASX: GTG] has reported what company representatives believe to be positive financial year results, even though it experienced a consolidated loss of over $5 million.

Consolidated loss after tax for FY08 was up 25 per cent to $5.4 million, despite a five per cent increase in revenue to $15.7 million and positive net cash flows from operations.

As a result of this loss, the company has no plans to pay share dividends, and the company's consolidated net tangible assets have decreased from four to 3.83 cents per share.

According to GTG, these losses resulted from amortisation of patents, impairment losses, depreciation of plant and equipment, foreign exchange losses and share-based payment expenses.

Over the period, GTG also acquired the Frozen Puppies Dot Com business and a 15 per cent stake in a mining venture.

The company also continued to develop products which are coming closer to commercialisation, it said.