| 4th Quarter 2008 OnCard International Limited [ASX: ONC] delivered a solid final quarter for the 2008 year ending 30 June. Operating companies reported healthy revenues and cashflows and cash deposits remained robust complemented by the inaugural dividend received of A$1.53 million [see ASX announcement 23 June 2008] from OnCard's joint venture interest - Shanghai Smart Service Co Ltd. OnCard International’s investment returns slowed in the fourth quarter as indicated in the 3rd quarter report due to current global market conditions, the group’s investments being in cash and bonds throughout the quarter. Front line sales and marketing operations remained highly focused, with total cards issued and under management now totaling 17 million. Approval of Beijing All Payments Company Limited [BAPCO], OnCard International’s exciting new platform in China to facilitate switching and payments processing for commercial banks, made good progress in the fourth quarter. Under China government approval, OnCard International transferred initial capital of US$430,000 in parallel with that of joint venture partner CHIBO Information Engineering Company Limited ( a subsidiary of the China central bank). Our New Zealand based Oncard Fuel Rewards pilot successfully completed with merchants and petrol station participating in issuing and redeeming for price reduced fuel. We are now evaluating the options for expanding the programme both locally and internationally.
FCP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
