Integrated media group Moneyweb Holdings [JSE:MNY] on Friday reported a loss of R2.6m from R89 000 for the twelve months ended June 30 2014. The loss was attributed to weak sales, Moneyweb said in a Sens report.

The media group's audited condensed results showed that it incurred an operational loss of R3.371m with revenue declining year-on-year by more than R10m. It recorded a basic and diluted headline loss per share of 2.47 cents for the year, from diluted headline earnings per share (Heps) of 2.43c previously. No dividend was declared.

According to the report by chair Paul Jenkins the group is committed to grow the company. "Moneyweb has as its medium term goal to improve its sales position and start turning a profit throughout its business. "We realise this is no small task and therefore are constantly looking for ways to improve both on the sales and expense side," he said. Jenkins added that Moneyweb will also be cutting expenses. "On the expense side Moneyweb will be re-locating to cheaper premises and will utilise the office move to further cut or effectively manage costs."

In his report, Jenkins also stated that it's litigation against Media24 and its News24/Fin24 is costly. Moneyweb launched legal proceedings against Fin24 for infringing Moneyweb’s copyright. Fin24 has strongly denied these charges.

Moneyweb operates Moneyweb.co.za, that was founded by Alec Hogg, who resigned in 2012 citing differences in his and controlling shareholder, Caxton's value systems.