East, West African operations continue to weigh on Altech


JSE-listed Allied Technologies (Altech) expected 18% to 25% lower headline earnings for the six months to August 31, the company said on Thursday.

Altech, which is part of the Allied Electronics (Altron) group, also reported that impairments within its East and West African operations resulted in a basic loss a share of between 303c and 310c in 2012, compared with a profit of 141c in the comparable period last year.

The company stressed that its remaining operations performed satisfactorily.

Meanwhile, Altron warned that significant impairments at Altech’s East African operations lowered basic earnings a share to between 95% and 105% in the six months to August 2012, compared with the corresponding period the year before.

The group’s headline earnings a share and adjusted diluted headline earnings a share were expected to be between 2% higher and 5% lower than the six months to August 2011.

Altech would release its interim financial results on September 26, while Altron expected to publish its financial results on October 9.