Ifca Technologies expects to narrow its losses in the six months to June.
The company said, in a Stock Exchange News Service announcement, that last year's loss of 7.3c per share is expected to improve by 75% to 85%, while the headline loss of 3.3c per share is expected to improve by 45% to 55%.
A year ago, the company said it earned revenue of R5.1 million, down from the prior period's R5.5 million.
The company attributed the last half-year's decline in earnings to an impairment of development costs, bad debt write-offs and the loss of business, after its major client, Transnet Housing, sold its loan book. The sale of the book to First National Bank meant Transnet Housing no longer needed Ifca's product.
Companies are required to inform shareholders when they are reasonably sure their next financial results will be more than 20% different to those of the previous corresponding period.
Ifca is an enterprise-wide integrated business solutions provider, offering industry-specific software solutions for four business segments: property development and management; project management, engineering and construction; hospitality; and finance and leasing.
Its clients include The Country Club Johannesburg, Maccauvlei Learning Academy, Kopanong Hotel and Conference Centre, Eagle International Group Holding (Eagle Canyon) and the Atlantic Beach Golf Club in Cape Town.
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