The company's share price has plummeted since it listed in 1998, falling from R3 to its present 50c, and it is expected the company will be delisted in future.

"It is the intention of the board to continue with the sale of the remaining properties. Once all the company's affairs have been adequately wound up, a decision will be made on its future," Bonatla said in a statement to the JSE Securities Exchange SA.

Bonatla said yesterday that operating activity as seen in the results could not be compared with previous years, as these results reflected the income of the property portfolio up to the date of disposal and the expenditure incurred in selling properties and winding up .

The company is one of the worst performers on the real estate index of the JSE . Media reports have said an overvalued property portfolio caused the plunge in value.

Bonatla has also faced other woes. In May Niki Vontas, Bonatla's former boss, was sequestrated for a debt of about R75m .

Vontas, forced to resign from the boards of Bonatla and listed property company Fairvest , said that when shareholders had previously sold properties to Bonatla they had asked him to guarantee a share price of between R2 and R2,20. He agreed to buy back the shares in that price range.