Synergy Holdings grew net after-tax profit 78.4% to R676 000 in the six months to August, from R379 000 for the same period a year before.
However, the profit includes an R820 000 international financial reporting standards (IFRS) fair value adjustment on investment properties and resultant deferred tax of R119 000. IFRS was applied to the latest results, but not to the comparative figures.
As these items are excluded from the calculation of headline figures, the group incurred a headline loss of 0.05c a share, compared with headline earnings of 0.72c a share previously. This is on gross revenue of R10.57 million, against R10.36 million for the year-earlier period.
The balance sheet shows current assets of R4.49 million (2004: R5.63 million) of which R1.4 million (R2.57 million) was cash. Current liabilities stood at R1.25 million (R2.37 million). Total liabilities were R1.49 million (R2.78 million) at the end of the period, compared with total assets of R7.08 million (R7.88 million).
The group's net asset value and net tangible asset value per share was 10.67c (9.72c).
Synergy's subsidiary, Prime Support, is to be disposed of following a shareholders' meeting scheduled for 12 January.
This comes after the acquisition of Synergy by a consortium led by the icapital Growth Fund I, which intends to acquire IT companies and reverse list them into the Synergy cash shell.
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