{"id":27205,"date":"2012-11-23T13:16:09","date_gmt":"2012-11-23T11:16:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=27205"},"modified":"2012-11-23T13:38:55","modified_gmt":"2012-11-23T11:38:55","slug":"convergenet-swings-to-a-loss","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/27205\/convergenet-swings-to-a-loss\/","title":{"rendered":"ConvergeNet swings to a loss"},"content":{"rendered":"<p>ICT infrastructure supplier\u00a0<a title=\"ConvergeNet\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2402-ConvergeNet-Holdings\">ConvergeNet<\/a> has recorded an operating loss of R7.14 million in its financial results for the year ended August 2012, citing an increase in operating expenses. The group made a prior profit of R27.32 million.<\/p>\n<p>Revenue declined marginally to R1.017 billion, from R1.029\u00a0billion in the same period in 2011, while ConvergeNet reported a diluted headline loss per share of 4.98 cents, from a diluted HEPS of 2.68 cents before.<\/p>\n<p>The group noted that operating expenditure increased by 29.8% to R286.6 million compared to R220.8 million for the corresponding period.<\/p>\n<p>Included in operating expenditure was the cost of establishing <a title=\"Simat Management Company\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/6240-Simat-Management-Company\">Simat Management Company<\/a>, a site maintenance entity to service the mobile operators in Africa in partnership with <a title=\"Matla Group\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/6239-Matla-Group\">Matla Group<\/a>.<\/p>\n<p>ConvergeNet, which has a 51% interest in Simat, said that operations commenced in March 2012 after being awarded a contract by one of the leading mobile operators in Africa.<\/p>\n<p>Looking ahead, the group said that following the restructuring of the board, it has progressed its strategy for the next five years, which includes a focus on expanding its activities into more than 12 identified African countries and streamlining of its operations.<\/p>\n<p>\u201cWe expect our performance to improve in the next year and beyond and through growing our African footprint, new innovative service offerings, strong sales force and proven technical abilities.<\/p>\n<p>\u201cConvergeNet will also continue to prudently invest in identified strategic growth areas such as a NOC, Cloud Computing, Hosted and ICT Managed Services,\u201d it said.<\/p>\n<h3 class=\"my-4\">Related articles<\/h3>\n<p><a title=\"ConvergeNet anticipates big earnings fall\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/26921\/convergenet-anticipates-big-earnings-fall\/\"><strong>ConvergeNet anticipates big earnings fall<\/strong><\/a><\/p>\n<p><a title=\"ConvergeNet anticipates further losses\" href=\"http:\/\/businesstech.co.za\/news\/general\/25714\/convergenet-anticipates-further-lossses\/\"><strong>ConvergeNet anticipates further losses<\/strong><\/a><\/p>\n<p><a title=\"ConvergeNet to offload Future Cell stake\" href=\"http:\/\/businesstech.co.za\/news\/general\/21759\/convergenet-to-offload-future-cell-stake\/\"><strong>ConvergeNet to offload Future Cell stake<\/strong><\/a><\/p>\n<p><strong><a title=\"ConvergeNet suffers H1 operating loss\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/11182\/convergenet-suffers-h1-operating-loss\/\">ConvergeNet suffers H1 operating loss<\/a><\/strong><\/p>\n<p><strong><a title=\"ConvergeNet chair reassures investors\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/6570\/convergenet-chair-reassures-investors\/\">ConvergeNet chair reassures investors<\/a><\/strong><\/p>\n<p><strong><a title=\"ConvergeNet loses another director\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/9392\/convergenet-loses-another-director\/\">ConvergeNet loses another director<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ConvergeNet has recorded an operating loss of R7.14 million in financial results for the year ended August 2012, citing an increase in operating expenses.<\/p>\n","protected":false},"author":10,"featured_media":27208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[345,1670,26,4678],"class_list":["post-27205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-cloud","tag-convergenet","tag-headline","tag-simat-management-company"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27205","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=27205"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27205\/revisions"}],"predecessor-version":[{"id":27210,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27205\/revisions\/27210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/27208"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=27205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=27205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=27205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}