Cabletalk Group has reported a full year net loss of $6.8 million, compared to a loss in the previous year of $492,000.

Last week, shareholders approved plans for Cabletalk to sell its telecommunications contractor Astute Ltd to Downer EDI Engineering, after losing a key contract to the Australian company.

The purchase was for around $5 million, with the company hoping to be able to indicate how much cash will be left over in early June.

Cabletalk's market capitalisation has slumped from $14.9m a year ago to just $795,000 as its shares tumbled from 47c to 2.5c today.

Cabletalk has received shareholder approval to sell its telecommunications contractor Astute Ltd to Downer EDI Engineering, after losing a key contract to the Australian company.

Cabletalk's market capitalisation has slumped from $14.9 million a year ago to just $795,000 as its shares tumbled from 47c to 2.5c today.

In March, Cabletalk was told by its main customer TelstraClear that its South Island contract had been awarded to Downer.

Cabletalk Ltd has sold its Astute business to Australian company Downer EDI for $5 million, and is looking to sell another subsidiary.

The listed telecommunications company hit problems after its main customer TelstraClear awarded a South Island field services contract to another company, affecting 50 staff and making the rest of Astute's business unsustainable.

Lossmaking Cabletalk is hopeful it can retrieve some value from its troubled telecommunications contracting business.

The company is today due to reveal the result of discussions with a potential partner for its telco business Astute.

Shares in Cabletalk tumbled to 3c this month after the company announced it had lost a key contract with TelstraClear in the South Island.

Its stock has taken several hits since trading at a high of 52c a year ago.