Vesta Technology Holdings says its interim results for the six months to end-February will be substantially worse than those of the year-earlier period.
In terms of JSE definitions, this refers to a change of at least 30%.
"The decrease in earnings is mainly attributable to decreased foreign exchange profits as well as a taxation expense in the current period compared to no taxation expense in the previous period," the group says in a trading statement published last night.
"However, profitability and efficiencies have improved," it adds.
The results are expected to be published at the end of next week.
For the six months to February 2003, Vesta achieved a net profit of R0.42 million, versus a prior-year loss of R2.01 million.
For the year to 31 August 2003, it recorded a net profit of R1.17 million against a previous loss of R19.54 million.
The Vesta share was untraded at 6c on the JSE this morning.
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