Published: 12 December 2013

Celsys Limited released a depressed set of results recording an attributable loss of $0.6m. Administrative expenses decreased by 15% while labour costs continue to burden the company increasing by 9% during the financial year. Cash flows continue to be strained and the balance sheet remained weak with negative equity. Total Assets declined by 18% to $1.3m.

Celsys Limited reported a negative equity of $4.4m implying that the going concern of the company is challenged. However management is working on cutting losses, raising capital and getting new orders to reverse the negative equity.

The directors will maintain the offer made to minority shareholders on the 28th May 2012. More information will be circulated to shareholders at a later date. The entire Celsys Board resigned on 31 July 2013 and new directors were appointed. The new Board includes Mr Lovemore Chihota, Mr Valentine Mushayakarara and Mr Tangai Murangari.


- businesdaily

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