Altron expects improved interim earnings

JSE-listed Allied Electronics Corporation (Altron) has advised that it expects headline earnings per share for the six months ended August 2017 to be between 16% and 36% higher than 31 cents in the previous corresponding period.

Basic earnings per share is expected to be a profit of at least 20 cents against the previous corresponding period’s six cents.

Altron said its financial results have been split between continuing and discontinued operations in accordance with IFRS criteria.

In this regard, the entire Powertech group, Altech Autopage and Altech Multimedia continue to be classified as discontinued operations for reporting purposes.

On a normalised basis, both EBITDA and headline earnings in the continuing operations are  expected to show growth in excess of 10%, Altron said.

“The normalisation relates to significant once-off restructuring costs in the current period which will reduce overheads going forward, and the results of businesses closed in the prior corresponding period,” it said.

Prior to the normalisation adjustments, Altron said that headline earnings per share for the company’s continuing operations is expected to be between 13% and 17% lower at 45 cents – 47 cents versus 54 cents before.

Basic earnings per share is expected to be between 41 cents – 45 cents,  or 16% and 24% lower than in 2016.

For discontinued operations the headline earnings per share is expected to show a loss of between five cents – nine cents versus a prior loss of 23 cents.

Basic earnings per share is expected to be a loss of between 14 cents – 22 cents compared to a loss of 48 cents in 2016.

Altron said it expects to publish its results on 25 October 2017.

Read: Altron reports 26% drop in revenue

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