Q1 results for Newconomy

For the first quarter of 2002, Newconomy recorded a net loss of EUR 68,000. Over the corresponding period in 2001, the net loss was EUR 6.7m. The firm has 19 companies in its portfolio and capital amounting to EUR 5.7m. Newconomy’s venture capital activities showed a positive result of EUR 0.252m, mainly through the share price development of TIE Holding NV. The operational results recorded a loss of EUR 0.32m, compared with EUR 0.9m loss during the same period in 2001. Operational costs will continue to be cut until a level of around EUR 50,000 per month is reached in the third quarter.

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