National Empowerment Fund’s net loss more than doubled last year,Bdlive.co.za – Business Day Live
IMPAIRMENTS and write-offs meant that the National Empowerment Fund’s (NEF’s) net loss more than doubled last year and it has renewed its call for a recapitalisation.
The NEF provides funds for enterprise development, focusing specifically on promoting black economic empowerment. In the year to end-March, the NEF Trust made a net loss of R91m compared to the 2014/15 loss of R38m on revenue of R432m (R437m). Impairments increased dramatically to R407m (R167m) and investment write-offs rose from R28m to R37m.