Dynamic Cables achieved a net profit of R2.47 million for the year to December, a far cry from the previous year`s loss of R20.35 million.
This was despite a drop in turnover from R99.6 million to R65.63 million. Headline earnings rose to 3.4c a share from a loss of 8.8c a share previously.
Net tangible asset value per share is still in negative territory, although the figure improved from -9.5c to -2.2c.
"The loss-making Dynatech Telecoms has performed poorly, but will no longer form part of the group`s forward-going strategy as it has been placed into liquidation," says acting chairman Shaun Rai.
He says Dynamic Cables RSA was the main contributor to earnings, accounting for 80% of attributable profit, while start-up business MEC Energy has grown rapidly, generating about 20% of attributable profit.
"The fibre optic laboratory commissioned during the course of the previous financial year has already reached the break-even point and the group anticipates a profitable situation in the near future."
The company is still evaluating its continued listing on the JSE and Rai has reiterated that it could consider delisting in the near future.
Cape Empowerment Trust, which owns 53% of Dynamic Cables, achieved operating income of R1.11 million for the same period. Net attributable income of R1.71 million compared with a previous R1.06 million, while headline earnings per share rose from 0.9c to 1.5c.
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