Johannesburg-based Prada Technologies has missed pre-listing forecasts, but says investors will gain confidence in the data transference and Internet gaming company as it consolidates its market position.
Prada Technologies listed on the venture capital sector of the JSE in October last year and forecast headline earnings of 10.82c for the year to June 2000. However, the company posted maiden year-end results showing headline earnings of 6.13c per share.
Revenue of R11 million and an attributable profit of R4.8 million were turned in for the company`s first year as a listed entity and second year of operation.
The year-end results are significantly up on interims which reflected revenue of R204 000, with a net loss of R510 000 and a headline loss of 0.64c per share.
Prada provides Short Messaging Service (SMS) to schools and corporates and alphanumeric dialling services. It is also venturing into Internet gaming.
The firm also announced that the proposed acquisition of ex-Brainware company Management Information Technology Solutions had fallen by the wayside. Prada says it has "legal proceedings in place to recover R6 million from the seller".
Related stories:
Mixed reception for new listings