Elexir Technology Holdings is still in negative territory at the end of the first half of the year. While core operations returned a profit for the period, the group`s foray into Africa has taken its toll.
An operating loss of R1.5 million was turned in, better than the R4.5 million for the comparable 2000 period. This was, however, achieved from a lower revenue base.
Turnover for the period was R25.8 million, compared to R27.4 million reported for the first half of last year.
The attributable loss of R1.4 million for the interim period was substantially better than the R21.5 million reported in 2000 and the headline loss per share also improved slightly to 0.89c compared to 0.93c.
Elexir management says its refocus on its core business produced a profit for the first time in two years. However, a new telecommunications venture in sub-Saharan Africa accounted for a loss of R951 000 for the six months under review.
The loss is not expected to remain on the balance sheet for long, as the company says the telecoms venture is expected to turn a profit in the last quarter of the financial year, "adding to the financial turnaround of Elexir".
The Elexir share price rose 1c on the news of the results after trading flat at 5c last week.
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