FinMedia today reported a net loss of $645,000 for the six months ended June, an improvement on the $1.155 million loss posted for the seven months to June 2003.
No dividend was declared.
The company's results include the consolidated results of Hemscott plc, its 55.08 per cent owned UK subsidiary.
FinMedia said Hemscottreported earnings before interest tax, depreciation and amortisation (ebitda) of £6000 ($16,849) up from a loss of £3.2 million.
FinMedia has conditionally agreed to sell up to 10 million shares of its total holding in Hemscott plc to United States based Centerpoint Data (C-P Data). The sale, which would mean FinMedia was no longer a majority shareholder in Hemscott, needs approval from shareholders and British regulators, but is expected to settle on October 8.
The sale is part of a wider deal, in which Hemscott plc has agreed to buy C-P Data's wholly owned subsidiary, CoreData, Inc, for £600,000 in cash and the issue of 16.5 million Hemscott shares.
CoreData is a provider of business and financial information in the United States.
A shareholder meeting will be held in Wellington on September 13 to vote on the proposed transactions.
