Ci Technologies shares fell more than 40 per cent on 3 January 2001 after the company issued a profit warning. The industrial software designer now predicts a net profit of $A5m in the year 2000, a figure 30 per cent lower than market forecasts. Shares in the Australian company fell 44.39 per cent or $A1.38, from $A3.12 to $A1.735. It is a dramatic plunge from a February 2000 high of $A9.25. The company calls the year 2000 its "toughest" ever, especially due to costs associated with the year 2000 computer date error, the introduction of the goods and services tax and the suspension of business activity during the Sydney Olympic Games. While managing director, Gary Gilmour, says the year 2001 will also be difficult, the company is starting off well, with three projects for its Systems Integration operation. The company also says it will speed up the diversification of its overseas businesses, which are expected to provide nearly half of the company's revenue in 2001, up from 28 per cent in 2000.

Excite News

-- Anonymous, January 04, 2001