EduFocal is reporting a $4 million net loss for the first six months of this year, despite a significant improvement in the company's operating performance.
Revenue fell by 55 per cent to $19.4 million while compared with the corresponding period last year.
EduFocal says the operating business was profitable in both quarters, but high finance costs continued to weigh on its bottom line.
The company says it is pursuing a recapitalisation plan involving a land-for-shares transaction and restructuring of its debt, including converting some liabilities into equity.
EduFocal says the objective is to strengthen its balance sheet and reduce the debt burden that is absorbing its operating profits.
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