Jem Technology Holdings (JemTech) sustained a R3.5 million attributable loss in a "difficult" maiden year to 31 December 1999.
The group reports an operating income of R1.2 million on gross revenue of R2.3 million.
The venture capital market-listed company closed down several loss-making businesses in the first half of the year after sustaining a R2.7 million attributable loss and a headline loss per share of 3.8c at the interim stage.
The group restructured to form a smaller entity concentrating on its core areas - mapping solutions and software-related business.
The full-year headline loss of 5c is well off the 1c earnings per share forecast after the interim results.
"The operating environment in which the group found itself was generally depressed and was not conducive for operating profit growth," says CEO Paul Cordier.
"The year 2000 question saw many clients holding back their software development spending until the new year, with a resulting drop in fee income.
"It has, however, given the group time to focus on the core competencies in the area of digital mapping, and strengthen our strategic alliances with the MapStudio group, and further develop the existing technologies."
JemTech is in talks with a telecommunications infrastructure supplier to Telkom, with a view to acquiring the business to integrate the existing mapping applications and consolidate its position in the field of digital mapping solutions and telecommunications technologies.
Cordier expects the current year to be a profitable one.
The JemTech share was untraded at 14c by midmorning on Friday, off its recent low of 1c on 22 February.
Related stories:
JemTech restructures after sustaining interim loss
Share
