Embattled technology company Y3K has turned in a 7.3c loss per share for the last six months. The company says its future direction is up to new controlling shareholder Eureka Industrial.
Two days after Y3K announced control of the board had passed to Utas Investment (a Eureka Industrial subsidiary), the company posted a turnover of R2.2 million for the six months to June, down from R2.4 million in 1999.
The Y3K board says an operating loss of R3.2 million is in line with expectations. It says the loss includes the cost of "restructuring the group for the future".
According to the company, the continuing operations are trading profitably and the group expects to achieve acceptable returns once the unnecessary head office expenditure has been eliminated.
Y3K has sold most of its businesses back to their original owners and is now basing its future on Gas Software, distributor of Fprot anti-virus and security products, and Lanlink.
Y3K finalised the sale of a controlling interest in the group to Utas Investments on Wednesday and says Eureka will determine the group`s future strategic direction.
The Y3K share was trading at 12c by 11.30am today.
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