Interconnective Solutions (ISolutions) has posted an attributable loss of R1.75 million for the six months to October 2001, with turnover down by 23%.
On listing in 1999, ISolutions specialised in value-added services in the collection, assimilation and management of data. It has subsequently restructured to focus on telecommunications, including interactive voice response, voice recognition and SMS services.
Turnover for the period dropped 23% to R4.4 million compared to R5.8 million reported for the comparable period.
The company`s management attributes this to Unitrade taking over ISolutions` trading contracts with Retail Card Club.
Other problems encountered by the group for the period include increased finance costs due to more instalment sale agreements and lower interest received due to less available cash.
The company says delays in contacts and licences also contributed to the company reporting an attributable loss of R1.75 million. Operating income for the period came in at R321 316, compared to R351 585 for the comparable period in 2000.
The company turned in a fully diluted headline loss of 1.8c per share, in comparison to the 1.5c per share loss recorded at the halfway mark in the 2000 financial year.
The group was in the red at the end of its last financial year, reporting an attributable loss of R3.9 million.
The ISolutions share remained untraded at 18c by midmorning today.
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Interconnective Solutions incurs attributable loss
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