The group eked out a 3,3% increase in revenues to just shy of R10bn. Operating profit before capital items was 17,5 lower than a year ago. This was "mainly due to losses incurred in Altech's operation in East and West Africa", it told shareholders on Wednesday.
The big SA businesses, including Altech Autopage Cellular, met earnings expectations. Durban based decoder manufacturer Altech UEC returned to profit after two years of losses.
Altech has impaired goodwill and the carrying value of its investments in East and West Africa, resulting in a loss before tax of R240m and a total comprehensive loss for the year of R435m.
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