Revenue for the six months ended 31 August 2013 increased to 13 billion rand from 12 billion rand for the same period in 2012.
“During the period under review, the group achieved revenue growth as well as a pleasing increase in normalised headline earnings per share, with margins generally being maintained,” Allied Electronics Corporation (Altron) had said.
Altron is invested in the telecommunications, multimedia, information technology and power electronics industries through its principal subsidiaries, Allied Technologies, Bytes Technology Group and Power Technologies.
“For the six months ended 31 August 2013, Altech showed a good recovery with Altech Autopage and Altech UEC performing above expectation. Bytes continued its strong performance across most divisions with Bytes Universal Systems and the UK businesses contributing significantly. Powertech experienced 5 per cent revenue growth,” the group had said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) saw a six per cent decrease from 860 million rand in 2012 to 826 million rand in 2013, and profit before taxation also decreased from 551 million rand to 523 million rand.
Profit for the period from continuing operations decreased from 353 million rand in 2012 to 341 million rand in 2013.
“Altron, through its wholly owned subsidiary Altron Finance, acquired the Altech minorities' shares in Altech effective 1 August 2013. This brought Altron's shareholding in Altech to 100 per cent. Given the effective date, the benefit of these synergies is not yet evident in the results for this period, but it is anticipated they will have an effect from the next reporting period,” Altron had said.
“The disposals of Altech's Telecommunication Network interests in East Africa resulted in the operations being classified as a discontinued operation in the previous financial year.”
Total comprehensive income for the period was at 488 million rand and basic earnings per share from total operations stood at 82 cents.
“The recent long-planned acquisition of the Altech minorities' shares in Altech marks the beginning of a new era for the group. A recovery and increase in activity seems to be emerging in the building and construction sector which will positively affect the power electronics side of the group,” it had said.
“Altron intends continuing to focus on the basics of rigorous cost control, working capital management and extracting efficiencies from its existing businesses. Margin erosion will be countered by expanding the group's product portfolio, implementing shared services and lowering its cost base.”