Risk management company Zaptronix's revenue dropped to R27.9 million from R33.2 million.
The company yesterday released its reviewed, condensed and consolidated financial statements for the year ended 31 August 2011.
Gross profit for the period fell to R21.3 million from R26.7 million.
“Loss before interest, tax, depreciation and amortisation was recorded at R6.8 million (profit of R4.5). The net attributable loss was at R9.3 million (profit of R2 million),” says the company.
It adds that no dividend is proposed.
Although the group has experienced some improvements, the conditions remain unpredictable, according to Zaptronix.
“The group will pursue the available business opportunities and, at the same time, cut costs to remain competitive with the service offerings to current and future customers.”
The company says it stands to benefit from the Electricity Regulation Act set to be implemented from 1 January.
The Act empowers utilities to apply different rates to users while the current meters in use will not be able to provide the correct readings to users.
“Zaptronix Metering division stands to gain from this prospective demand for smart meters, which will provide users with different rate readings.”
The company also says it needs to strengthen its broad-based black economic empowerment (BBBEE) rating to fully utilise the opportunities presented by the implementation of the Act.
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