The Johannesburg bourse has cautioned shareholders to be aware that IFCA Technologies made a loss in the last financial year.
The company's results for the year to December, released last week, contain an “emphasis of matter” audit opinion, the JSE says. It has annotated the share trading system with an E to indicate the audit opinion.
IFCA Tech is the second company in the IT sector to earn an annotation from the JSE this month. Two weeks ago, the bourse pointed out that Zaptronix also has an emphasis of matter audit report after it recorded a loss.
IFCA made a net loss of almost R2 million, which is an improvement on its 2008 loss of R35.9 million. The company says it is targeting a return to profitability.
Despite the improvement in earnings, it has not yet returned to profitability and the main objective in the next financial year is to secure new sales and to restore profitability, it says.
IFCA Tech is an investment holding company that has two subsidiaries. IFCA sWare focuses on the group's software solutions and services, and IFCA hWare on the group's computerised business equipment solutions.
The company says it appointed a new CEO, Jeffrey Christopher, at the beginning of the 2009 financial year. Christopher led IFCA's operations in the Philippines, turning the business around from a loss-making operation five years ago to a profitable venture.
IFCA Tech will also have access to software designed by parent company IFCA Malaysia. The new .Net software will be made available to clients and will compete with major ERP software products in SA.
The company's shares were flat at 5c on Friday.
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