Tetrad Holdings limited recorded an after-tax loss in the first six months ending March 31 weighed down by a $564 778 loss by Tetrad Investment Bank.
Revenues during the period under review increased by 63% to $4,6 million from $2,8 million last year for the half- year ended March 31, despite renewed mild-inflationary pressures emanating from the strengthening of the South African rand and fuel price increases.
Total assets for the group stood at $100 million up from $70 million last year.
The group’s after-tax loss was $306 356 compared to a loss after taxation of $431 196 during the same period last year.
In a statement accompanying the group’s financial results, Tetrad said: “Economic stability remained anchored on the continued use of multi-currencies, a liberalised-economic environment and fiscal prudence exercised by the government.
“Most macro-economic indicators remained relatively conducive for business during the period under review despite the liquidity challenges.”
Other subsidiaries of TSF Management Company, Tetrad properties, Tetrad Hail Insurance and Multi-ridge finance posted profits during the period. The company said the gold fund has so far exceeded the $1 million mark and is expected to grow further this year.
Tetrad Holdings runs the gold fund through its subsidiary TSF Management company.
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Gold prices on the international market reached a record high of $1 578,20 per ounce.
The group said liquidity crisis is expected to continue if the country fails to receive investment inflows from the region and beyond.
The group noted that confidence in the banking sector would only be restored when the liquidity situation improves.
“The anticipated elections have created uncertainty and confusion in the market regarding the direction of government policies and their impact on the economy as a whole,” the group said.