MGX has reported a headline loss of 132.3c a share for the year to June, an improvement on the 383.8c headline loss per share of the previous year.
Revenue for the period declined from R1.25 billion to R473.8 million, although the group turned last year`s operating loss of R3.51 million before depreciation and amortisation into income of R45.2 million.
A pre-tax loss of R62.88 million compares with a previous loss of R588.1 million, while an attributable loss of R87.21 million is an improvement on the R702.08 million loss a year earlier.
The results include the figures from businesses and assets that have now been either sold or terminated and the group says the remaining South African content management business, Metrofile, performed satisfactorily in difficult conditions.
Continuing operations achieved revenue of R234.74 million and earnings of R60.75 million before interest, tax, depreciation and amortisation.
Metrofile`s board is to be restructured, with Paul Nkuna as chairman and Christopher Seabrooke taking up the deputy chairman post.
Graham Wackrill will be CEO, Richard Buttle chief financial officer and Colin de Villiers executive director. The non-executives on the board are Roy Midlane, Keshan Pillay and Norman Webster.
The group says Metrofile`s future prospects are good, with satisfactory growth in volume turnover and financial results expected.
"MGX itself continues to reduce its costs, complete the winding-up of its remaining subsidiary companies - other than Metrofile - settle outstanding disputes and progress actions against certain parties arising from past transactions. The prospects for MGX shareholders and loan note holders have improved significantly."
It says although the balance sheet shows a surplus of liabilities over assets, the board regards the group as a going concern. Among other things, the total of the compulsory convertible subordinated loans, the provisions that may become subordinated loans and the estimated value of goodwill and trademarks in Metrofile not reflected on the balance sheet, are together sufficient to restore commercial solvency.
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