JSE-listed Altech has reported a total comprehensive loss of R840 million for the year ended 28 February, compared to a loss of R435 million for the previous year.
The group's revenue increased to R10.4 billion, while earnings before interest, taxes, depreciation and amortization amounted to R765 million.
The company says operating profit before capital items was lower than that of the previous year, mainly due to losses incurred in Altech's operations in East and West Africa.
Headline earnings per share decreased to 268 cents, from 347 cents for the prior year.
Loss for the year from discontinued operations amounted to R1.6 billion, while profit from continued operations was up by R585 million, to R10.2 billion.
In a statement to its shareholders, the company said the group's operations "performed to expectations" with the exception of East and West Africa. This, says Altech, despite weak local and international economic conditions.
"Altech Multimedia, in particular, showed strong growth, with Altech UEC excelling, notwithstanding the delay in the rollout of digital terrestrial television in SA."
Selling out of Africa
The company points out that, since its interim results in September last year, the group has disposed of its interest in Altech West Africa (AWA), and sold off its East African operations in exchange for equity.
At the end of September, Altech agreed to sell its 75% stake in AWA because the entity required additional investment and found it costly to run from SA.
In a statement to its shareholders, Altech said the company, which had been profitable for most of the time since inception, had become loss-making over the past 18 months.
Subsequently, in January, Altech swapped its troubled East African stake for equity in Liquid Telecommunications, a telecommunications company focusing on developing markets.
At the time the company notified its shareholders that it would sell its shares and claims on a loan account in Altech East Africa on a net debt-free and cash-free basis to Liquid, to take up an 8.6% stake as part of the transaction.
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