Labat revenue falls sharply
June 15, 2009
Revenue at Labat Africa fell to R42 million in the year to February from R154m in the previous year, the company said on Friday.
This translated into basic earnings a share of 29.2c, compared with a loss of 0.4c a year earlier.
It attributed the rise to a fair value adjustment on properties of R17.3m and an accounting profit of R48.8m from the unbundling of Total Client Services.
The headline loss a share rose to 5.1c from 0.5c, while net asset value a share increased to 11.6c from 11.5c.
Despite attempts to make integrated circuits profitably, current market conditions, aggressive competition from China and rand strength made this impossible, the company said. - Lucky Biyase
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