Y2KTec has turned the Titanic, reporting a headline profit for the six months to August 2000. But the company finds itself embroiled once again in legal wrangling.
The software group achieved turnover of R2 million, compared with the R2.2 million reported for the comparable period last year.
An operating loss of R950 607 for the period and operating costs of R854 263 were turned in.
Happily, the group has reported an earning of 1.37c per share for the six months as opposed to the 1.1c loss per share in 1999.
But all is not well with the company, which earlier this year settled a controversial and protracted legal dispute with former chairman and CEO, David Black out of court.
Y2KTec says it is instituting action against Time Quantum Technology to hand over the source code of the Windows based version of its PaySlyp software, which Y2KTec says the company failed to complete timeously.
Markets seemed relatively unmoved by the announcement and in early trade the share price traded hands unchanged at 3c.
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