NextDC posts $1.67m net loss

Results expected due to start-up nature of business model

Melbourne-based data centre operator, NextDC (ASX:NXT) has reported a net loss of $1.67 million, which it expected due to the start-up nature of the business, according to a full-year results statement released to the ASX.

The company posted its first year results for the period May 2010 to 30 June 2011, with sales of $2 million and net cash outflow from operating activities of $0.75 million.

As of August 26, NextDC's cash and cash equivalents' balance was $70 million.

According to the ASX statement, the company is expected to raise a further $20 million following conditional placement of its $50 million capital raising, which was to help finance the M1 Melbourne and C1 Canberra facilities.

NextDC chief executive officer, Bevan Slattery, said the company is now well placed to deliver revenue during the 2012 financial year, following the opening of its data centres in Brisbane, Melbourne, and Canberra by June 30 next year.

Additional facilities in Perth and Sydney were expected to be open in the first half of the 2013 financial year.

"As each of NextDC's facilities are nearing completion, the company's focus will shift from construction activities to the revenue-generating phase," Slattery said in a statement.

"Our strong balance sheet, experienced team and secured data centre sites with access to significant power and communications infrastructures, positions the company well to enable the Cloud revolution by delivering a national network of independent data centres."

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Tags businessdata centresvirtualisationData CentervirtualizationBevan SlatteryNextDCdata centers

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