Control Instruments achieved a pre-tax profit of R18.63 million for the six months to end-June, a 150.2% increase over the R7.45 million profit for the same period a year before.
However, whereas last year the tax line on the income statement was R5.67 million in its favour - the result of a deferred tax asset- this year it had to provide for tax of R5.45 million.
This resulted in net profit of R13.18 million being just marginally up on the previous figure of R13.12 million. Headline earnings per share slipped by 4.8% from 21.98c to 20.93c, while basic earnings per share rose by 4% from 19.17c to 19.94c.
Revenue from continuing operations increased by 15.6% from R174.54 million to R201.82 million, while profit from operations soared by 92.1% from R10.99 million to R21.11 million.
MD Richard Friedman says the group`s focus on niche and specialised market segments helped it in partially managing the effects of the strong rand in international markets and to benefit from it in the domestic market.
"The group continues to operate in niche sectors of global markets and is therefore subject to local and international disruptions that are not under its control," he says.
"The threatened strike in the South African automotive industry could have a negative effect on the second half if not resolved timeously."
The group has declared an interim dividend of 2.5c a share.
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