KEY POINTS:
Listed technology stock VTL Group has posted an operating loss of $20.18 million for the six months to February.
The result compared with a loss of $5.9 million for the six months to December 31.
VTL, which was threatened by the stock exchange with suspension if it did not release the figures, said the loss was a result of circumstances after its subsidiary Nathan Finance NZ went into receivership in August. Nathans owed $166 million to investors, having done much of its lending to VTL.
VTL shares were last traded at 2c, slumping from a year high of $1.05 last July.
During the half, VTL said its operating expenses rose to $23.7 million (from $18.9 million) for several reasons, including a $7.4m movement in foreign exchange.
Interest costs accrued from Nathans Finance and another subsidiary, Chancery Finance, also took their toll, as did further asset write downs from the sale of non-core businesses, and restructuring costs.
Total revenue was $5.58 million compared with $19.5 in the corresponding period.
In April, VTL sold its Southern Californian business assets to a Californian vending company for US$1.7 ($2.2 million) gross. Later in the month, it signed an agreement for the sale of its 24seven Australasian vending business for $3 million.
VTL said the sales would help it focus on maximising the value of its Shop24 business.
The company planned to adopt IFRS international reporting standards, at which point it would re-release its half-year announcement.
- NZPA
