Internet group ecorp remained cash flow positive at the end of the March quarter and had around AU$93.6 million cash in the bank, revealed in a statement to the Australian Stock Exchange.
Net operating cash flow was around AU$3.9 million for the three months to March 31 for the group which is 80 percent owned by media mogul Kerry Packer's Publishing & Broadcasting.
The AU$93.6 million cash balance was made up of AU$87.5 million consolidated cash balance and AU$6.1 million from ecorp's share of cash held in associated entities.
"The result further reinforces that we are continuing to prudently manage our cash flow as we fund our existing businesses to cash flow positive, as well as make new investments, without requiring additional capital," executive chairman Daniel Petre said in a statement to the ASX.
Shares in ecorp, which have been hit hard by the declining fortunes of Internet stocks, were trading three cents higher at 95 cents just after the open, 25 cents below their issue price but off their 64 cent all-time low.
The group said in February its four core businesses would be cash flow positive and profitable by 2001/02, but it still expected to lose almost AU$30 million in the financial year ending June after posting a first half loss of AU$20.04 million, based on total group revenues of AU$40.2 million.
Ecorp said the units it expected to be profitable next year were its 50/50 ninemsn joint venture with Microsoft, the 50/50 auction site eBay Australia and New Zealand, computerised network ticketing venture Ticketek and its Wizard mortgage venture.
Ticketek, which was acquired by Packer's private vehicle Consolidated Press Holdings for a combination of scrip and cash in May 1999, generates over 70 percent of ecorp's revenue.
