After a complete overhaul of JSE-listed Dectronic, including the sale of some "unsynergistic" subsidiaries, the company has posted a headline loss of 4.88c for the year to August.
This compares to headline earnings of 4.17c per share for the same period in 1999.
The Dectronic board says it has experienced a turbulent year, including a complete restructuring of the board and the disposal of some of its subsidiaries which it admitted were unrelated to its core business, could not add value to the group and had no synergy.
The group reported an operating loss of R13.2 million compared to a R4.2 million operating profit for the previous year.
The writing was already on the wall for the group in June, when it posted interim results reflecting a 92.6% drop in turnover. The group did not report a turnover for the full year to August.
In June, the board warned investors that the restructuring process would make any profit forecast for the year redundant.
March saw the beginning of the restructuring programme with the sale of PDM Solutions, trading as Electric Avenue, to Dectronic`s ex-CEO Stephen Bekker for R2.2 million.
In April, Dectronic announced the sale of 100% of Dectronic Products (Unipower) to Power Electronics, in which Dectronic has a 49% stake. Dectronic also relinquished its 51% stake in Serec Radio.
The disposals were applicable retroactively to September 1999, and Dectronic says that because of this, no operating revenue for the disposed companies was derived.
A new controlling shareholder in the form of Financial Insourcing Specialists (Insors) now holds 42% of the company.
Looking forward, the new board says a number of new initiatives are being pursued and there is a strong probability shareholders will be rewarded for their patience.
The Dectronic share price moved up 1c to trade at 12c on intra day trading today.
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