Altron earnings fall in FY 2011/12 on losses in East, West African operations.

By bne IntelliNews May 9, 2012
South African IT and telecoms investment group Allied Electronics Corporation (Altron) reported a 16% decline in its diluted earnings per share for the fiscal year to end-February to 187 cents, BusinessLive reported. Its revenue grew 3% y/y to ZAR 23.56bn (EUR 2.3bn), but earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7% to ZAR 1.95bn, while operating profit before capital items was 9% lower at ZAR 1.38bn. Altron reported a loss for the year of ZAR 79mn, compared to a profit of ZAR 699mn a year ago, due to the poor performance of its subsidiary Altech in East and West Africa, which led to significant impairments. Altechs revenue increased 3% to ZAR 9.97bn, while EBITDA fell 14% to ZAR 919mn. Altrons overall results were also negatively affected by the international cable businesses of its subsidiary Powertech, located in Spain and Portugal. Powertech's revenue grew 6% to ZAR 7.5bn, while EBITDA declined 7% to ZAR 500mn. ICT group Bytes was Altrons largest headline earnings contributor, with EBITDA increasing 11% to ZAR 527mn, despite flat revenues of ZAR 6.1bn. Altron, through its principal subsidiaries, Allied Technologies (Altech), Bytes Technology Group and Power Technologies (Powertech), has invested in the telecommunications, multi-media, information technology and power electronics industries.

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