ConvergeNet sees extended loss

ICT infrastructure supplier ConvergeNet says it expects an increase in a loss per share for the six months ended February 2013 to be between 190% and 195%, from a loss of 0.16 cents in 2012.

The group said it anticipates the decline in headline loss per share for the interim period in 2013 will be between 25% and 30%, compared to a loss of 1.84 cents before.

Revenue for the six months ended February 2012 slipped to R416.52 million, from R496.57 million in 2011; while the group noted an operating loss of R24.702 million.

In November 2012, ConvergeNet recorded an operating loss of R7.14 million in its financial results for the year ended August 2012, citing an increase in operating expenses.

The group noted that operating expenditure increased by 29.8% to R286.6 million compared to R220.8 million for the corresponding period.

The ICT firm said it would focus on expanding its activities into more than 12 identified African countries and streamlining of its operations.

“We expect our performance to improve in the next year and beyond and through growing our African footprint, new innovative service offerings, strong sales force and proven technical abilities.

“ConvergeNet will also continue to prudently invest in identified strategic growth areas such as a NOC, Cloud Computing, Hosted and ICT Managed Services,” it said.

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ConvergeNet sees extended loss