Intervid to report bigger loss

Intervid`s year-end results, to be published on Monday, are expected to show a substantially larger loss than that of last year.

The group published a notice to this effect last night on the JSE`s news service, SENS.

In terms of the JSE`s listing requirements, "substantially" indicates an increase of more than 30%.

For the year to June 2002, Intervid incurred an attributable loss of R44.74 million. It also reported an operating loss of R109.86 million on turnover of R161.32 million.

The company is also expected to indicate next week how far its restructuring has progressed. A decision was made earlier this year to restructure the operations into two separate businesses - a regional systems integrator and a technology business.

This came after a strategic review after the appointment of Mark Taylor as caretaker CEO. Taylor was subsequently named permanent CEO.

Intervid is currently trading under a cautionary notice as it is in talks with principal loan creditor RFS Holdings regarding the possible restructure of the terms and conditions of a compulsory convertible loan advanced to Intervid International.