Altech FY earnings fall
Allied Technologies (Altech) reported a drop in earnings for the year ended February 28, as impairments weighed on the company’s discontinued operations.
The group recorded a loss of R1.27-billion for the period, on the back of a R1.6-billion loss from its discontinued operations.
This was compared with a group loss of R502-million in the previous financial year, owing to a R708-million loss in discontinued operations.
Altech shifted its East African assets to discontinued operations following their disposal, during which a capital loss of R730-million was recorded.
The profit from continuing operations reached R357-million during the 2013 financial year, up from the R206-million reported a year earlier.
Headline earnings a share fell from 347c in 2012 to 268c in 2013. Altech’s total basic loss a share fell further into the red at 961c in 2013, a significant drop from the loss of 283c in 2012.
Group revenue rose by 4.7% from R10-billion in the prior year to R10.4-billion in the year under review.
Altech noted that, barring its East and West African operations, the interests of which had since been disposed of, the operations performed to expectations, despite weak local and international economic conditions.
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