Johannesburg, 06 Jan 2005
Global Technology (Glotec), which is soon to be liquidated, has finally reported on its results for the six months to June.
The group incurred a headline loss of 0.6c a share for the period, compared with a 24.1c headline loss per share for the same period a year earlier.
Revenue slipped by 50.4% from R130.61 million to R64.76 million and an after-tax loss of R20.75 million was incurred, compared with a year-earlier loss of R34.38 million.
Despite the improvements on the income statement, Glotec`s balance sheet shows current liabilities of R67.85 million against current assets of R29.82 million. The current ratio of 0.4 was unchanged from the previous year.
The group has undergone an extensive restructure in the past 18 months, with the group shedding most of its operations.
However, it announced in September that the effectiveness of the restructuring depended on the satisfactory performance of the three remaining businesses.
Because these had not performed as expected, Glotec had lost the credibility of all stakeholders and had decided to dispose of the remaining operations and go into liquidation.
Last month it said it expected to delist from the JSE on 31 January.
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