Seacom extends full-year losses

Undersea cable infrastructure company, Seacom recorded a headline loss of R26 million for the year ended June 2014, down from a loss of R3 million in 2013.

This is according to holding company Remgro, which has an effective 25% interest in Seacom.

Remgro noted in its annual results announcement on Wednesday, that its share in Seacom amounted to a R6 million loss, from less than R1 million in 2013.

Remgro said that its own headline earnings for the year to 30 June 2014 amounted to R6.6 billion compared to R4.2 billion before, representing an increase of 58.1%, whereas headline earnings per share increased by 58.2% from 817.1 cents to 1,292.4 cents.

The group announced a final dividend per share of 233 cents, from 201 cents in 2013.

Remgro’s technology interests primarily represent the interests in the CIV group of companies, through Dark Fibre Africa, CIV Fibre Network Solutions, CIE Telecommunications, and CIV Power.

Remgro noted that  in April, the CIV group was restructured in order to simplify its holding structure from multiple entry points to a single entry point, namely Community Investment Ventures Holdings Proprietary Limited (CIVH).

The restructuring did not change Remgro’s interest in Dark Fibre Africa materially.

As part of the restructuring Remgro said it invested R67.3 million in CIVH and on 30 June 2014 Remgro’s effective interest in CIVH stood at 50.7%, up from 43.8% before.

For the year under review the CIV group contributed R58 million to headline earnings, from R59 million in 2013, Remgro said.

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Seacom extends full-year losses