Altron tanks on difficulties at two subsidiaries
sharply in Johannesburg on Wednesday after the technology group warned of weaker-than-expected growth in interim earnings.
“Altron Nexus and Altron Document Solutions will be classified as held-for-sale and will be reported in discontinued operations. These two entities contributed 21% to the group’s revenue at year-end. However, both subsidiaries were loss-making and therefore did not contribute to the group’s profit.” “However, an assessment of all the assets of Altron Document Solutions post the unsuccessful sale, together with challenging market conditions that led to two large customers facing financial difficulties, has culminated in the provisions which will negatively impact the reporting period in discontinuing operations.” These are R15-million related to accounts receivable, R68-million from finance lease assets and R12-million related to inventory.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Altron Nexus and Altron Document Solutions for sale amid massive earnings dropAltron warns it expects to report a huge drop in earnings in its half-year results.
Read more »
Why CIOs should stop chasing buzzwords - TechCentral“The disruption of digital transformation has become the new normal.” If you groaned at that sentence, you’re not alone.
Read more »
African healthtech Kasha raises $21-million in funding - TechCentralKasha, an Africa-focused health-technology company, has raised more than $21-million in a series-B funding round.
Read more »
X marks the spot as Musk shoos away the birds - TechCentralElon Musk unveiled a logo for the social media platform on Monday that ditched the famous 'blue bird' icon.
Read more »
Vodacom helps lift parent Vodafone's sales - TechCentralThe UK's Vodafone Group reported first quarter service revenue growth that beat analysts’ expectations.
Read more »
Spotify hikes prices - South Africa spared - TechCentralSpotify Technology on Monday raised prices for its premium plans across several countries.
Read more »