AltX-listed electronics and communications firm Zaptronix yesterday reported a small return to profitability in its unaudited interim financials for the six months to end February, marking the beginning of a turnaround.
Earnings after taxation stood at R245 000, which is better than the R22 000 loss it saw at the end of August last year.
Net profit was up from last August's R159 000, to R289 000, with headline earnings per share rising from a negative 0.01c to a positive 0.06c.
In a stock exchange statement accompanying the results, the company describes the numbers as "marginally better" than the same period last year.
"The cash-generator in Zaptronix is DuO SP," notes the statement. "This business generated R1.16 million in cash for the six months."
No dividend was announced. The company has about 380 million shares in issue.
"The restructuring of the business is expected to be completed by year-end and fully paid for, from its own funds," says Zaptronix.
A proposed black economic empowerment deal, which was to see Strider Holdings facilitate the transaction of 114 million shares to Royal Bafokeng Capital (RBC) Holdings, is now in an uncertain state.
"The board of directors of Zaptronix has now been informed by RBC that the Strider-RBC agreement has lapsed due to the non-fulfillment of certain suspensive conditions," says the statement.
New discussions with RBC and Strider are under way, and shareholders are advised to exercise caution when dealing in Zaptronix shares, the company says.
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