Distributor W Home Automation has reported $412,971 in net profit for the six months ending December 31, up 26 percent on management forecasts for that period.
The home automation products distributor, a subsidiary of Sydney-based, ASX-listed wireless broadband provider SkyNetGlobal, was expected to earn $328,000 for the six months to December 31 and $670,000 for the full year ending June 30, 2004.
Jonathan Soon, CEO at SkyNetGlobal, said the figures represented 62 percent of the full year forecast. 'W Home Automation is likely to increase its earnings for the full year ... in due course,' Soon said.
W Home Automation, formerly SmartConnect (Wholesale), was bought by SkyNetGlobal last year for $2.1 million in cash and shares.
SmartConnect held exclusive Australian retail distribution rights to X10-standard gear for automating and internet-enabling common household appliances, such as lights, TV, ovens and videos, Soon said at the time.
X10 is a standard running over electricity wires.
'Harvey Norman and Dick Smith Electronics are already selling these products and they're selling well. Though the market is new ... we believe it will pick up in the next 12 to 18 months,' Soon said then.