Vesta Technology, the JSE-listed software and services company, is still in the red, finishing the six months to June with a headline loss of 1.8c per share.
Revenue for the period was down to R21 million from R31.5 million in the comparable period.
A net loss of R2 million was reported and the group turned in a headline loss of 1.8c per share.
The group finished the period with negative cash and cash equivalents of R3.1 million.
Management says it has been involved in restructuring process to create "a focused, flexible team and to reduce operating costs".
The group also suffered the consequences of a depreciated rand, which restated loans by R685 000, and Vesta management says this added substantially to the group`s second quarter costs.
Year-end results for 200l, reported in February, showed a headline loss of R341 000 and Vesta CEO Fredrick Morrison said at the time that he expected the group to show recovery by the end of the year.
However, Vesta advised investors yesterday that it expects a return to profitability only in the next 18 months.
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