Stella Vista Technologies, a multimedia communications systems designer, incurred an after-tax loss of R10.84 million for the year to August, compared with a prior-year loss of R2.48 million.
Turnover fell by 54.2% from R34.99 million to R16.01 million, although export sales rose from R0.8 million to R6.5 million.
An operating loss of R0.2 million was incurred prior to an impairment of inventory to the tune of R7.5 million.
CEO Muris Tabakovic says continuous price decreases and changes in technology required the impairment charge to reflect the net realisable value of inventory on hand.
"The decrease in sales together with the impairment charge of inventory contributed towards the disappointing financial results for the year ended 31 August 2004," he adds.
A net loss of R8.73 million after tax compares with a previous loss of R2.76 million. The headline loss deepened from 1.83c to 7.83c a share. The net asset value at the year-end dropped from 9.07c a share to 1.67c a share.
Tabakovic says the group was very active in the sports market during the period, with scoreboard displays being supplied to the Abu Dhabi Cricket Ground, and contracts awarded for video displays for a basketball arena in Novi Sad, Serbia and Montenegro.
The group's products were also used at sporting events in SA, including local and international cricket matches, the Nedbank Golf Challenge and the 2003 President's Cup, as well as at a number of entertainment and government events.
It also won a contract to provide flight information displays to Australia's Perth Airport.
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