{"id":10019,"date":"2021-05-10T17:23:25","date_gmt":"2021-05-10T17:23:25","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=10019"},"modified":"2021-05-10T17:04:40","modified_gmt":"2021-05-10T17:04:40","slug":"market-welcomes-net1s-third-quarter-results-despite-a-r14-29m-loss","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/market-welcomes-net1s-third-quarter-results-despite-a-r14-29m-loss","title":{"rendered":"Market welcomes Net1\u2019s third quarter results despite a R14.29m loss"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>DURBAN – NET1 UEPS TECHNOLOGIES\u2019 share price leapt by more than 12 percent on the JSE on Friday despite the group reporting an operating loss of $14.29 million (about R200.7m) for the third-quarter to end March, slightly up by 1 percent compared to the same quarter last year.<\/p>\n

The group is confident about its prospects after a difficult 2020 due to the Covid-19 outbreak. However, the South African focused financial technology company with a presence in Africa and Asia, said the pandemic did not impact its South African operations as severely during the three and nine months to end-March compared to the last four months of the year to end-June 2020.<\/p>\n

South Africa was moved by the government to adjusted level 1 of the national lockdown after coming out of the second wave of infections towards the end of February.<\/p>\n

Interim chief executive and chief financial officer Alex Smith said the firm had made a lot of operational progress in the past quarter in exiting their loss-making European operations and preparing the South African operations for significant account growth and had appointed a new chief executive for Southern Africa.<\/p>\n

\u201cWe are making progress in our mission of driving financial inclusion for the underserved market having recently hired a new dynamic, highly accomplished and experienced chief executive of Net1 Southern Africa, Lincoln Mali, who is well respected and experienced in the South African financial services and banking industry.<\/p>\n

Our new strategy, mission and leadership has also enabled us to attract some amazing new talent among the senior management ranks,\u201d Smith said.<\/p>\n

The group reported a 17 percent decline in revenue to $28.8m during the third quarter while the adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) resulted in a loss of $12.82m, widening further from the $6.42m reported a year earlier.<\/p>\n

Net1 also reported a loss of 0.11 cents a share compared to 0.24 cents reported last year. However, its cash and cash equivalents increased by 21.38 percent to $207.8m compared to $171.2m reported in the same quarter last year.<\/p>\n

The share price surged to a day-high of R86.99 in the morning, up from Thursday\u2019s closing price of R77.17. It closed the day at R86, up 11.44 percent.<\/p>\n

In the processing segment, revenue was down by 13 percent to $18.7m in the quarter, primarily due to fewer prepaid airtime sales and a reduction in volume-driven transaction fees. In the financial services segment, revenue fell by 15 percent to $10.2m, due to lower account fee revenue and a modest reduction in lending revenue.<\/p>\n

[email protected]<\/p>\n

BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. DURBAN – NET1 UEPS TECHNOLOGIES\u2019 share price leapt by more than 12 percent on the JSE on Friday despite the group reporting an operating loss of $14.29 million (about R200.7m) for the third-quarter to end March, slightly up by 1 percent compared to the same quarter last year. The group is confident […]<\/p>\n","protected":false},"author":84,"featured_media":10018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-10019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMarket welcomes Net1\u2019s third quarter results despite a R14.29m loss - South Africa<\/title>\n<meta name=\"description\" content=\"DURBAN - NET1 UEPS TECHNOLOGIES\u2019 share price leapt by more than 12 percent on the JSE on Friday despite the group report ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/market-welcomes-net1s-third-quarter-results-despite-a-r14-29m-loss\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market welcomes Net1\u2019s third quarter results despite a R14.29m loss\" \/>\n<meta property=\"og:description\" content=\"DURBAN - 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