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Reunert to curb costs as profits fall

22 May 2013

Electronics group Reunert will continue to focus on "rigorous cost control and act with prudence" over the next six months‚ it said on Tuesday (21 May) when its results for the six months to March were released.

The company reported a 15% fall in headline earnings per share to 258c in the period.

"While Reunert will pursue earnings growth in the tough economic conditions‚ it will also focus on rigorous cost control‚ effective cash management and extracting efficiencies from its businesses‚" the company said in a statement.

Revenue reduced by 8% from R5,7bn to R5.3bn predominantly because of CBI-electric and Nashua.

"The delays in external infrastructure project roll-outs have significantly affected CBI-electric‚ while the strike within the port and transport sector affected production at African Cables in October last year‚" Reunert said.

"The instability in the mining sector exacerbated the situation. Exports of our electrical products increased‚" the group said.

Reunert's operating profit was 21% lower at R583m. "This decline was experienced across all segments and is attributable primarily to the prevailing difficult business environment‚" it said.

Revenues within Nashua dropped by 9% to R3.3bn‚ while operating profit decreased by 23% to R311m.

Source: I-Net Bridge

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