Toronto-based direct trading software firm Belzberg Technologies has turned in significantly higher losses for the year-ending December 2002, as cost cutting and lower trading volumes hit rising revenues.
Belzberg is reporting a loss of $2.5 million for 2002, trebling the $0.8 million loss in the same period a year ago. Revenues rose 21% to $29.6 million for the year.
Lower trading volumes and employee severance costs took a big chunk out of fourth quarter earnings, with revenues down seven per cent to $6.7 million and net losses of $3.1 million for the quarter.
CEO Sid Belzberg says the company is focused on delivering profitability to shareholders in 2003.