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.<\/p>\n
This is according to holding company Remgro, which has an effective 25% interest in Seacom.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The group announced a final dividend per share of 233 cents, from 201 cents in 2013.<\/p>\n
Remgro\u2019s 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.<\/p>\n
Remgro noted that\u00a0 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).<\/p>\n
The restructuring did not change Remgro’s interest in Dark Fibre Africa materially.<\/p>\n
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.<\/p>\n
For the year under review the CIV group contributed R58 million to headline earnings, from R59 million in 2013, Remgro said.<\/p>\n
Remgro in R2.34 billion media buy<\/strong><\/a><\/p>\n Seacom restructures top management<\/strong><\/a><\/p>\n