Bryant Technology reported a net loss of R259 000 for the six months to 31 December, which it says is due to the deterioration of business confidence in the market, particularly the IT sector.
Salient figures
Bryant Technology results for the six months to 31 December 2002:
Revenue: R2.06m
Operating profit: -R225m
Net profit before tax: -R259m
EPS: -0.13c
HEPS: -0.13c
Current assets: R3.88m
Bank balances and cash: R1.43m
Current liabilities: R1.15m
Cash received from operations: R192 000
Furthermore, the recovery of the rand "with the consequent effect on the reduction in selling prices had a negative effect on products with fixed margins", it says. "The reduction in selling prices hardly stimulated demand."
It says an increase in sales was only a slight improvement, and it fell far short of the substantial improvement required in sales volumes to redress the negative effects of the significant sales reduction in rand value terms.
Bryant is the developer of the Sunnix-2000 thin client Windows terminal as well as a distributor for the Sunnix-120 Unix terminal, Qume terminals and others.
It says that despite the poor trading conditions it has maintained a healthy cash position.
High interest rates coupled with an uncertain global outlook continues to have a negative impact on business confidence, with a lack of commitment to new capital projects and growth.
"Therefore, although there is continuing interest in our products, the `wait and see` approach engendered by the lack of business confidence has an impact on the speed of the company`s recovery to profitability," it says.
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