Altron to report lower FY earnings
JSE-listed Allied Electronics (Altron) has embarked on remedial measures after determining that its earnings for the 2015 financial year were likely to plunge.
In a trading update to shareholders on Thursday, the group said it expected basic earnings a share for the financial year under review to be more than 50% lower than the 192c apiece recorded in the prior financial year.
The group’s headline earnings a share for the financial year ending February 28, 2015, were expected to be more than 40% lower than the 188c achieved in the 12 months to February 2014.
“The Altron group’s financial performance has been negatively affected by difficult trading conditions and, in particular, by a significant reduction in demand from certain key customers,” it said.
The company warned at its interim results that the second half of the year would be tough amid the current challenges being experienced by public sector organisations in South Africa, which would affect Altron Power.
Altron also noted that its Telecommunications, Multimedia and Technology (TMT) division would be weighed down by the start-up of Altech Node and the investment into its commercial launch last year.
Meanwhile, the group on Thursday also issued a cautionary notice, stating that it had entered undisclosed discussions and negotiations.
An updated trading statement would be published prior to the release of Altron’s financial results on May 13.
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