Listed E-Data Holdings has increased its turnover for the year to September by 49.6% to R9.2 million.
However, the investor relations and Internet communications company has taken a heavy knock on profitability.
The company reported a net loss of R5.1 million compared to the net profit of R1.4 million reported in 1999.
Net operating loss of R2.4 million was tuned in and a final headline loss of 11.61c per share was reported, down from the 4.21c headline earnings per share of the previous year.
Management says a sizeable part of its focus this year has been wrapping up the joint venture between E-Data and Brait SA.
The JV was to be the local equity partner for global online broker E*Trade when it entered the South African market.
E*Trade subsequently entered the market without a local partner, but has still made use of E-Data`s technology to run its web site.
Costs of the discontinued joint venture have been written-off as an exceptional item of R1.3 million.
E-Data has also made provision for doubtful debts amounting to R3.2 million, which the company says may still be recoverable, but believes it prudent to make provision for the figure in these results.
The company also discontinued two operations during the year, but says it does not expect any further related costs.
Management says it will be focussing on core competencies in the new-year, and order books and developments undertaken in the later part of the year give it every confidence it will achieve profitability in the next financial year.
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