During the period under review‚ the operating costs increased by 41% and the cost of sales and financing costs decreased by 27% and 26% respectively.

The company said the increase in the operating costs was mainly due to impairments of R24.7m.

The group incurred a R17.4m loss on the disposal of several subsidiaries which were either non-performing or were based on short term leases with overcapitalised rentals and non-sustainable operating cost structures.