Listed property development firm Visual International, whose shares on the JSE were suspended from trading in July last year, in its unaudited results for the six months to August 2018 said yesterday that its revenue declined from the prior period as there were no further land sales.
The subscription agreement relating to Mosegedi and Associates and related management fees had been cancelled, it said.
“While almost no turnover was reported during 2018, due to no units being developed or properties sold, the group’s primary focus was to decrease operating costs, position itself for future growth and to secure a strategic funding partner,” the group said.
Visual reduced operating expenses by almost R300 000 a month at August 31, 2018, compared to the previous period. Other income decreased by R230 000 compared to the prior comparative period due to a reduction in the loan receivable from RAL Trust following a partial offset against a loan payable to CKR Investment Trust.
Financial liabilities increased substantially due to a loan from Chynge Finance announced on Sens on July 31, 2018. It entered into an agreement in which Chynge Finance had extended a loan to to the company of R3 million, repayable on January 6, 2020.