N2N Connect eyes double-digit growth

N2N Connect Bhd remains confident of maintaining double-digit revenue growth this year, having made RM20.7 million in
2011.

Managing
Director Andrew Tiang Boon Hwa said growth could be sustained from
domestic projects that were expected to be completed by end of this
financial year ending Dec 31, 2012.

N2N Connect is a researcher
and developer of software packages and provider of designs,
programming, consultancy services and related activities.

"For
the last two quarters, although we have reported financial losses, we
actually have been generating positive cash flow and earnings before
interest, taxes, depreciation and amortisation.

"The trend is
set continue for the remaining quarters as the assignments that we have
on hand are sufficient to keep us busy until end of this year," Tiang
told Bernama after the company's annual general meeting here today.

He said the full force of the revenue would actually come in the next few quarters.

Presently,
N2N holds more that half of the market share in Malaysia, and expects
it to increase further upon completion of its assignments by end of
this year.

The company also has presence in Singapore, Indonesia, Vietnam, Hong Kong, Philippines, Saudi Arabia and Kuwait.

"There are a number of countries particularly in Europe that we are eyeing right now.

"They've
actually made enquiries for us to work with them. However, we need to
be careful not to outpace ourselves as we did in 2006," Tiang said.

He
said the crisis in Europe prompted companies there to look into
possible restructuring and capital reduction as well ways to enhance
productivity and efficiency which N2N could be of service with its cost
effective measure to manage their situation. -- Bernama