Investment fund Trematon Capital Investments was back in the black in the six months to end-February thanks mainly to its investment in London-listed Intec Telecom Systems.
Income of R35.11 million compares with a loss of R20.33 million for the same period the previous year.
A year-earlier headline loss of 19.3c a share was turned around, with the group reporting headline earnings of 33.4c a share. Net asset value per share rose from 30c to 64c mainly as a result of an increase in the Intec share price.
Trematon`s directors say the restructuring of the funding requirements and arrangements between the shareholders of Mican, the investment company which previously held the Intec shareholding, was completed in December.
"Pursuant to this restructuring, Trematon and the other Mican shareholders have repaid Mican`s debt and now directly own their Intec shares. Consequently, 8.8 million shares in Intec are owned directly by Trematon`s wholly owned subsidiary, Prygate International, and interest-bearing debt has increased to R21 million.
"Trematon is now also in a better position than it was prior to the Mican restructuring in that it now directly controls its shareholding in Intec."
The group says its future value depends mainly on the price of Intec shares.
"Intec is cautiously confident of achieving its full-year expectations particularly as there is evidence of a slow but steady recovery in the business sector it operates in."
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