{"id":22520,"date":"2012-09-19T17:47:09","date_gmt":"2012-09-19T15:47:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=22520"},"modified":"2012-09-20T13:48:52","modified_gmt":"2012-09-20T11:48:52","slug":"altech-altron-caned-by-east-and-west-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/22520\/altech-altron-caned-by-east-and-west-africa\/","title":{"rendered":"Altech, Altron caned by East and West Africa"},"content":{"rendered":"

Allied Technologies (Altech<\/a>) advised on Wednesday (19 September) that its headline earnings and adjusted headline earnings per share for the interim period ended August 2012, are expected to be between 18% and 25% lower than adjusted HEPS of 181 cents in 2011.<\/p>\n

The group had reported revenue of R4.8 billion in the corresponding reporting period, along with earnings before interest, taxes, depreciation, and amortization before capital items of R456 million.<\/p>\n

\u201cThese reductions are primarily due to continued poor results in Altech\u00b4s East and West African operations,\u201d Altech said.<\/p>\n

\u201cThe remaining operations within Altech are performing satisfactorily,\u201d it said.<\/p>\n

The ICT group also noted that due to the impairments in respect of Altech\u00b4s East and West African operations, basic earnings per share are expected to show a loss of between 303 cents and 310 cents, compared to a profit of 141 cents in the previous comparable financial period.<\/p>\n

\u201cShareholders are advised that the company has entered into negotiations, which if successfully concluded may have a material effect on the price of the company\u00b4s securities,\u201d Altech said in a statement.<\/p>\n

The group told BusinessTech recently that negotiations relating to the sale of its flagging West Africa operations were still ongoing despite\u00a0Altech CEO, Craig Venter<\/a> telling the media on 25 April that the group was six to eight weeks away form a sale.<\/p>\n

Altech expects to publish its results on about September 26, 2012.<\/p>\n

Parent company, Allied Electronics Corporation (Altron<\/a>) also announced on Wednesday that it expects headline earnings per share and adjusted diluted headline earnings per share for the half year ended August 2012 to be between 2% higher and 5% lower than \u00a0diluted HEPS of 92 cents in 2011.<\/p>\n

\u201cBasic earnings per share for the half year ended 31 August 2012 is expected to be between 95% and 105% lower as against the previous corresponding period as a result of significant impairments principally in respect of Altech\u00b4s East African operations,\u201d Altron said.<\/p>\n

In half year results in 2011, Altron reported revenue of R11.5 billion, while ebitda decreased 6% to R932 million.<\/p>\n

Altron expects to publish its results on about October 9, 2012.<\/p>\n

Shares in Altron declined 95 cents or 4.14% to R22 on the JSE<\/a> at close of play, while Altech picked up 20 cents to R40.42.<\/p>\n

Related article<\/strong><\/p>\n

Altech slides 8.85% on the JSE<\/strong><\/a><\/p>\n

Huawei to aid Altech\u2019s African safari \u2013 analyst<\/strong><\/a><\/p>\n

Altech rolls dice with Huawei<\/strong><\/a><\/p>\n

Altech adds to downside trend<\/strong><\/a><\/p>\n

Altech West Africa talks still ongoing<\/strong><\/a><\/p>\n

Altech expects West Africa disposal in 6-8 weeks<\/strong><\/a><\/p>\n

Altech posts R240m pre-tax loss on African units<\/strong><\/a><\/p>\n

Altech under the microscope<\/strong><\/a><\/p>\n

East and West Africa operations hurt Altech<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Altech says headline earnings and adjusted headline earnings per share for the interim period ended August 2012, are expected to be between 18% and 25% lower due to poor results in its East and West African operations<\/p>\n","protected":false},"author":9,"featured_media":20277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2353,1925,311,309,867,26],"class_list":["post-22520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-allied-electronics-corporation","tag-allied-technologies","tag-altech","tag-altron","tag-craig-venter","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/22520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=22520"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/22520\/revisions"}],"predecessor-version":[{"id":22607,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/22520\/revisions\/22607"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/20277"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=22520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=22520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=22520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}