JSE-listed Crux Technologies, which has incurred a full-year headline loss of 19.6c a share, has yet to sell its last remaining operating asset.
<B>Salient figures</B>
Crux Technologies results for the year to 31 May 2002
Previous year`s figures in parentheses, move in square brackets:
Revenue: R88.27m (R97.53m) [-9.5%]
Net profit before abnormal items: -R6.13m (R10.65m) [-157.5%]
Abnormal items: -R29.08m (R147 000)
Net profit after tax: -R35.76m (R7.25m) [-593.2%]
HEPS: -19.6c (4c) [-590%]
Tangible NAV per share: -5.6c (10.8c)
Cash flows from operating activities: R4.29m (R538 000)
Current assets: R12.53m (R31.41m)
Current liabilities: R23.38m (R14.25m)
The company announced in April that it had sold its contracting arm to the Mantis consortium for a maximum R16 million.
The deal was subject to various conditions. One of these, relating to the assignment of a lease over premises, has not yet been met.
"The lessor had ceded its rights in terms of the lease to Nedcor Investment Bank (NIB)," says CEO Titi Kekana. "Negotiations with NIB have been protracted and, although agreement has now been reached in principle, the matter has not been finalised."
He says the business is trading profitably.
Crux said earlier that the proceeds of the sale would be used to settle its net liabilities, with the balance to be distributed to shareholders on the delisting and winding up of the group.
The Munsoft division was closed to stem its losses after the company failed to find a buyer.
Crux`s results for the year to 31 May were significantly affected by abnormal items relating to, among other things, a write-off of debts and other assets and losses incurred on the disposal of the professional services division.
Legal action to recover a R7 million debt from a large provincial government customer has also been slow. Kekana says although the company is confident of ultimate recovery, full provision has been made as a result of the significant uncertainty around the matter.
Share
