23 December 2005
	Retailers: multidepartment NICTUS By Michael Coulson

Leave it alone Ord price: 35c Div yield: - PE ratio: 25,4. Sector PE: 12,3 Market cap R18,7m 12-month high, 60c; Low, 35c Six months to Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) Dividend per share (c) Sep 03 99 3,71 1,26 1,9 - Mar 04 109 3,68 0,59 (0,8) 1,5 *Sep 04 85 0,73 0,78 1,4 - Mar 05 124 (2,06) (1,58) (0,2) - Sep 05 115 1,59 0,85 1,2 - % chge 35 118 9 (19) - Trading vol 12-month average ('000): 10/month © Financial Mail *Restated for IFRS. Better operating results from most divisions of this Namibian retailer were more than offset by a swing from a R56 000 credit to a charge of R902 000 in the interest bill, and a tax charge of R576 000 - a rate of 68%. Regrettably, the interim fails to comment on either of these items. Nictus expects the "moderately improved" trading conditions to continue and "remains committed to further improve the operating performance", but the poor reporting and thin trade rule the share out. 23December2005