Listed ICT products distributor, Mustek has teamed up with Panasonic to sell its goods, including scanners, Toughbooks, and high definition visual communications (HDVC) video conferencing solutions.
“We are excited to be working with a well-established distributor like Mustek, which is also recognised as a proudly South African company,” said Martin Kruger, channel sales manager at Panasonic SA.
Mustek will hope that Panasonic can revive its earnings ambitions after the company advised shareholders on Tuesday (14 February) that it expects headline earnings per share for the six months ended December 2016/ to be between 20% and 30% lower than the previous corresponding period at between 36.17 cents and 41.33 cents.
Mustek said that earnings per share is expected to be between 20% and 30% lower than the previous corresponding period at between 35.92 cents and 41.05 cents.
The ICT group said that cash generated from operations is expected to improve by between R420 million and R430 million, compared to the cash used in operations of R418.7 million reported for the previous corresponding period.
“The improvement is largely due to a reduction in inventory of between R260 million and R270 million compared to the previous corresponding period,” Mustek said.
Shares in the company have declined from a high of R6.90 a year ago, to a current price of R4.40.