PROPER Group, the Bloemfonteinbased investment holding company whose subsidiaries provide its clients with a broad range of financial services, yesterday announced an increased headline loss a share of 6,06c in the six months ended February compared to 4,37c for the six-month period ended February last year.
Group director De Klerk Earle said that the company's offices outside Bloemfontein in Western Cape and Mpumulanga had not performed well.
Its report on interim results said the group had closed down the nonprofitable divisions such as the Malmesbury regional office in Western Cape and Agrimark Consultants in Bloemfontein, and sold the Delmas practice in Mpumulanga.
It said this would still have the effect of displaying a loss for the financial year ended August this year, caused by the write-off of noncash items such as goodwill.
The report said the closing or selling of nonprofitable divisions led to a reduced turnover. It said action had been taken to curb these losses and that the group had been restructured to enable it to uphold sustainable earnings in all divisions.
It had become clear that as a result of cash flow pressure the group had been unable to finance the medium-term losses. The decision was taken that the group should focus on its core business and that divisions failing to contribute to profitability must be closed down.
May 27 2003 07:05:35:000AM Nick Wilson Business Day 1st Edition
Proper reports loss after closing divisions.
Posted On Tuesday, 27 May 2003 02:00 Published by eProperty News
PROPER Group, the Bloemfonteinbased investment holding company whose subsidiaries provide its clients with a broad range of financial services,
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