6.2 Financial and commercial sustainability For the year under review, annual financial statements consisted of Alexkor's own operations and 51% of the PSJV operations. All operational activities were transferred to the PSJV; therefore Alexkor had no other income generating streams but remained with its overhead costs which worsened Alexkor's profit position. The entity made a loss of R16.4 million due to the following factors: the pooling of mining assets into the PSJV caused a loss of R7.8 million (R3.9 million for consolidation purposes), forfeiting 49% of the profit to PSJV caused a loss of R7.9 million and bad debts from Alexander Bay residents amounting to R2.2 million. The entity had a net asset value of about R20.4 million.