Korean ATM market leader books $AUD 1.7m profit.
Perth based listed ATM machine operator Stargroup has benefited from a 19.25% passive investment in leading independent Korean ATM machine manufacturer NeoICP.
Stargroup recently announced that NeoICP had booked a profit before interest, tax, depreciation and amortisation for the 2015 financial year of AUD$1.66m.
NeoICP’s latest book value of its net assets is AUD$26.6m potentially making Stargroup’s carrying value for its 19.25% share in the company of just $938k out dated.
Stargroup recently announced they may seek to revalue their stake in NeoICP sometime this year given its solid profit performance and significant net asset position.
NeoICP, who are one of the largest independent ATM manufacturers in Korea, also own a 12.25% strategic stake in Stargroup who are the exclusive NeoICP ATM machine distributor in Australia.
NeoICP have produced a unique “recycler ATM machine” that allows customers to both withdraw and bank money creating a continuous fee generating money loop.