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Johannesburg - Moneyweb Holdings [JSE:MNY] on Thursday announced a loss per share of 2.52 cents for the six months ended September 2011, from headline earnings per share of 1.84 cents for the previous comparable half-year.
No dividend was declared for the interim period.
During the half-year to end-September, revenue rose by 3% on a comparative basis from R15.5m to R15.9m.
The company said revenue shortfalls coupled with the continued and significant expenditure plan embarked upon last year to extend platforms and roll out looklocal resulted in a loss after tax of R2.692m for the period.
"Although trading for the first four months of the period under review was as expected, an unexpected pull back in advertising revenues from our South African digital and broadcast platforms arose in August and September, which meant that we missed our planned revenue targets.
"Moreover, looklocal revenues also decreased due to longer timelines in completing key new features to the site, which caused us to delay our roll-out programme," it said.
Cash resources and highly liquid investments at period end were R23.2m, and the group said it remained debt free.
Moneyweb's core digital and broadcast platforms continue to perform robustly and occupy positions of market leadership.
The company added that its daily radio programmes air during prime time on the national broadcaster's RSG, SAFM and Lotus FM radio stations, and continue to enjoy leadership in the local market.
"Mineweb continues to operate profitably despite the exploration/junior miner sectors showing signs of slowdown as the availability of funding to market participants has once again come under pressure due to the latest chapter of instability in the global financial markets," it said.
The group added that it continued to work very closely with Caxton in the build, roll-out and management of www.looklocal.co.za.
Looking ahead it said that despite not meeting planned revenue targets for the first six months, it expected to see momentum turn into additional revenue.
"Moneyweb's revenue model currently has a strong second half-year weighting with the majority of looklocal revenues being earned in the second half of our financial year," the group said.
No dividend was declared for the interim period.
During the half-year to end-September, revenue rose by 3% on a comparative basis from R15.5m to R15.9m.
The company said revenue shortfalls coupled with the continued and significant expenditure plan embarked upon last year to extend platforms and roll out looklocal resulted in a loss after tax of R2.692m for the period.
"Although trading for the first four months of the period under review was as expected, an unexpected pull back in advertising revenues from our South African digital and broadcast platforms arose in August and September, which meant that we missed our planned revenue targets.
"Moreover, looklocal revenues also decreased due to longer timelines in completing key new features to the site, which caused us to delay our roll-out programme," it said.
Cash resources and highly liquid investments at period end were R23.2m, and the group said it remained debt free.
Moneyweb's core digital and broadcast platforms continue to perform robustly and occupy positions of market leadership.
The company added that its daily radio programmes air during prime time on the national broadcaster's RSG, SAFM and Lotus FM radio stations, and continue to enjoy leadership in the local market.
"Mineweb continues to operate profitably despite the exploration/junior miner sectors showing signs of slowdown as the availability of funding to market participants has once again come under pressure due to the latest chapter of instability in the global financial markets," it said.
The group added that it continued to work very closely with Caxton in the build, roll-out and management of www.looklocal.co.za.
Looking ahead it said that despite not meeting planned revenue targets for the first six months, it expected to see momentum turn into additional revenue.
"Moneyweb's revenue model currently has a strong second half-year weighting with the majority of looklocal revenues being earned in the second half of our financial year," the group said.
