Basil Read FY net loss R820.9m vs R281.5m profit

The small-cap company on Friday reported a net loss of R820.9m in the year to December from a profit of R281.5m a year earlier amid tough conditions in the sector.

Basil Read‚ whose stock value has plummeted 42% in March‚ said it had submitted a number of claims related to the contracts‚ which were being assessed or were in discussion.

The write-down of development land relating to its investment in Rolling Hills Leisure Estate also affected its results.

Revenue was steady at R6.5bn from the year-earlier period and no dividend was declared.

The company said it had reduced overhead costs and streamlined operating structure‚ aiming to return to profitability in the 2015 financial year.

"Of key importance is that Basil Read completes loss-making contracts as efficiently and quickly as possible‚ while ensuring that claims are systematically pursued‚" it said.