Business Report reports that loss by Sea Kay more than doubled from R8,7m lost in the previous reporting period. The R18,27m loss translated into a headline loss per share of 3,74 cents compared with 1,79 cents in the previous period. Sea Kay says the financial difficulties can be attributed to a lack of working capital. The operating loss has increased by 397% from R26,39m to R131,28m.
To make matters worse Sea Kay's auditors, Nexia SAB&T issued a qualified review opinion of the group's results. It says that Sea Kay's liabilities exceeded its assets by R101m and this placed significant pressure on its liquidity in the six months to December, according to the Business Report report.
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