Unable to sustain the return to profit at its last year-end, JSE-listed OSI Holdings has reported a R714 000 attributable loss for the six months to end-September.
<B>Salient figures</B>
OSI Holdings results for the six months to 30 September 2002.
Year-earlier figures in parentheses:
Revenue: R10.34m (R10.77m)
Operating income before depreciation and amortisation: -R803 000 (R1.15m)
Income before tax: -R856 000 (R1.27m)
Attributable income: -R714 000 (R583 000)
HEPS: -1.37c (1.12c)
NAV per share: 27.18c (29.2c)
Current assets: R11.97m (R14.29m)
Cash and equivalents: R6.09m (R7.11m)
Current liabilities: R3.36m (R3.57m)
Cash utilised in operations: R1.12m (R1.1m)
The company, which provides services related to implementing computer information systems solutions, turned in a headline loss of 1.37c a share, compared with earnings of 1.12c in the same six months of last year.
OSI reported an attributable profit of R14 000 at the end of the year to March 2002, a turnaround from the R4.1 million loss the previous year.
Joint-MD Hendrik le Roux says the improvements anticipated at the year-end were not realised in the latest six months.
He says e.Airports` performance was satisfactory, although slow, with some momentum being gained towards the second half of the six months, while OSI Airport Systems did not engage all the projects budgeted for the period.
"Open Systems Integrators operates in tough local market conditions and it is unlikely that these market conditions will change in the short- to medium-term," Le Roux says.
"The issues that gave rise to the slow performance in the business units are being addressed."
The OSI share was untraded at 10c on the JSE by midmorning today.
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