By Phil Boeyen, ShareChat Business News Editor
|
Friday 15th March 2002 |
Text too small? |
The company released its full-year accounts on Friday showing a loss of $926,000 for the year ended December compared to the previous year's $3.86 million deficit.
Those accounts apply only to the parent company. They do not include any results from subsidiaries which were either sold or liquidated during the year.
"Under New Zealand GAAP where all the subsidiaries of the parent company are sold or liquidated during the year no group accounts need to be produced," the company says.
"Consequently, the annual accounts to 31/12/2001 and comparative balances are for the parent company as a stand-alone entity."
Operating revenue of $4.382 million includes interest income of $2.322 million plus a $2 million profit on the sale of Message Media NZ to NZ Post.
In December 2001 eVentures liquidated its E-Loan New Zealand business and consequently wrote off intercompany loans of $2.04 million, along with its $100,000 investment. The software license relating to the business has been sold to an AMP subsidiary for $100,000.
The company also spent $1.27 million restructuring its business.
After buying back 160 million shares for $22.618 million eVentures now has 90 million shares on issue with a net asset backing of 35 cents per share. It has $31.344 million in short term bank deposits.
The directors say they are currently considering options to maximize shareholder value and in the meantime will continue to run the company as a restructured non-trading entity.
The major shareholder in the company is Auckland entrepreneur and Sky TV founder, Craig Heatley.
No comments yet
