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Gijima suffers big loss

Mar 09 2011 07:49 I-Net Bridge

Company Data

Gijima Group Limited [JSE:GIJ]

Last traded 2
Change 0
% Change 2
Cumulative volume 52747
Market cap 0

Last Updated: 24-04-2015 at 04:38. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - JSE-listed information and communications technology company Gijima AST [JSE:GIJ] on Wednesday announced a diluted headline loss per share of 28.13 cents for the six months ended December 2010, from diluted headline earnings per share of 8.83 cents previously.

It noted a diluted loss per share of 28.14 cents from diluted earnings per share of 8.80 cents earlier.

The group reported an operating loss of R353.681m, from a prior profit of R134.93m.

Revenue declined to R1.243n, from R1.44n in 2009.

"The results for the six months ended 31 December 2010 have been disappointing for Gijima and are largely reflective of the impact of the dispute and the subsequent resolution thereof with the department of home affairs (DHA)," the group said.

"We believe the settlement with the DHA was the best solution possible for both parties, as it is important for our relationships with government and our clients."

Gijima said it would continue to work with the DHA, as its partner, to deliver on the project to overhaul its information technology infrastructure.

Gijima said that the dispute with DHA had a severe impact in terms of the settlement expenses and the loss of revenue from the "Who Am I Online" (WAIO) contract itself over the reporting period.

"No revenue was recorded on the WAIO contract during the period under review," it said.

The group added that there had been limited growth in the ICT industry in the first half of its 2011 financial year, with public sector spending still depressed after the global economic downturn and private sector growth recovery slower than expected.

Looking ahead, Gijima said that success would be shown in the business, albeit that second half earnings from its professional services division would remain depressed while the group reorganised the division to achieve the earnings levels of prior years.

gijima ast  |  home affairs



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