Cash company CCH`s financial results to June show positive cash for the group, which is about to distribute a cash payout to shareholders as it winds up.
CCH, now residing in the cash companies sector of the JSE, reported an operating loss of R21 million. However, the cash it received from the disposal of its businesses shows it has positive attributable earnings.
Revenue for the year to June fell from R618 million to R421.5 million, a fall of R31.8%, resulting in an operating loss of R21 million.
However, the cash company reflects attributable earnings of R87.6 million. This is as a result of the sale of its businesses to MGX and Tilca.
The company had cash and cash equivalents of R80.5 million at year-end.
The company has told shareholders its assets are now mostly cash, and management intends to distribute all excess cash in the CCH group to shareholders.
The balance of the purchase consideration payable for the Infracom disposal, which is subject to earn outs, will be paid into a trust of which the CCH shareholders will be beneficiaries.
Management says a circular containing details of the distribution and final windup of CCH will soon be forwarded to shareholders.
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