Good Cape Limited - Abridged Unaudited Financial R
ABRIDGED UNAUDITED FINANCIAL RESULTS OF THE GROUP FOR THE 6 MONTHS ENDED 30
JUNE 2001
Consolidated income statement
6 months 6 months
ended ended
30 June 30 June
2001 2000
R000's R000's
Operating profit/(loss) before
interest and tax 2 436 574
Financial costs (2 452) (1 209)
Loss before taxation (16) (635)
Taxation (150) (151)
Loss attributable to
Shareholders (166) (786)
Loss and headline loss per
share (cents) (0,5) (2,48)
Number of shares in
issue (000's) 31 654 31 654
Consolidated balance sheet
30 June 30 June
2001 2000
R000's R000's
Capital employed
Shareholders' interests 12 844 24 338
Redeemable preference share
capital of a subsidiary 20 000 20 000
32 844 44 338
Employment of capital
Fixed property assets 31 988 44 401
Net current assets/(liabilities) 856 (63)
32 844 44 338
Net asset value per
share (cents) 40,57 76,89
Number of shares in
issue (000's) 31 654 31 654
1. Comments and results
Good Cape made a loss of R166 000 for the six months under review. This
compares favourably with the same period last year. Further to the
Chairman's Statement contained in the 2000 Annual Report (in which the
reduction of the shareholders' interests was fully explained), Good Cape has
accelerated the discontinuance of its trading portfolio. In addition, since
30 June 2001 Good Cape has sold the Epping property from its fixed portfolio
and transfer is expected prior to the end of October 2001. The proceeds of
the sale will be utilised to reduce current borrowings and to improve
gearing. The conditional sale of the Albert Road property has fallen through
but negotiations with another party are in progress.
At the Annual General Meeting the special resolution to enable the company
to buy back its shares was not passed.
2. Prospects
The results of the group are not expected to improve in the second half of
the year.
3. Dividend
No interim dividend has been declared.
4.Resignation as director
Mr Jonathan H Rens has resigned as a director of the group to pursue his own
interests.
For and on behalf of the Board
B P Rabinowitz
W H Edelstein
Cape Town
27 September 2001
Registered office
9th Floor, NBS Waldorf
Mercantile Registrars Limited
Transfer secretaries
80 St George's Mall
11 Diagonal Street
Cape Town
PO Box 1053
8001
Johannesburg 2000
Directors:
B P Rabinowitz (Chairman and Chief Executive Officer),
W H Edelstein,
C W Eglin*,
C K Loydall (Mrs)*
* Non-executive
Company Secretary:
C K Loydall (Mrs)
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