Eureka Industrial has reported a 7.7% drop in headline earnings per share (HEPS) for the six months to 31 August.
<B>Salient figures</B>
Eureka Industrial`s results for the six months to 31 August 2003.
Figures for the prior-year period in parentheses.
Revenue: R25.22m (R28.26m)
Operating profit: R5.25m (R5.4m)
Net profit before tax: R4.28m (R5.41m)
Attributable profit: R3.75m (R5.2m)
EPS: 156.3c (216.5c)
HEPS: 93.2c (101c)
NTAV per share: 2 290c (2 840c)
Current assets: R51.33m (R77.7m)
Bank and cash: R1.83m (R2.29m)
Current liabilities: R51.57m (R72.86m)
Cash flow from operating activities: R15.39m (-R23.18m)
Interim HEPS of 93.2c compare with a prior-year figure of 101c, while basic earnings per share fell from 216.5c to 156.3c.
Eureka is an investment trust which is substantially listed in listed shares.
The operating profit of R5.25 million (2002: R5.4m), comprises trading results from operating subsidiaries, joint ventures and the profits or losses in the share trading portfolio.
Chairman Ronnie Price says the company`s IT investments performed satisfactorily. For the year to 28 February Eureka took a knock from the write-down of a loan to troubled IT firm MGX. Price was formerly chairman of MGX.
MGX recently announced a restructuring plan that includes the possible sale of EC-Hold to Eurevest Leasing, an operating subsidiary of Eureka.
EC-Hold has said that Eurevest would offer shareholders 20c a share if it buys the group.
On Eureka`s future prospects, Price says the group`s share investments comprise the major part of its value and future growth will be largely dependent on their performance.
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