IST Group is on track to meet its full-year earnings target of 10c a share, CE Harry Coetzee says in a letter to stakeholders.
"Our results for the six months to 31 August will be published on or about 18 October 2001," he says in the letter issued yesterday.
"At this stage, indications are that we shall meet the turnover and profit targets we have set for ourselves, and that the group is well on track to meet its stated earnings target of 10c per share for the year to 28 February 2002."
IST is an electronic and software technology company with customers in niche markets in the telecommunications, energy, industry and defence sectors.
Telkom announced last week that it had extended IST Telecom`s supply contract for the UMC 1000 digital loop carrier for a further two years.
"This is a very significant contract, which has generated revenues of more than R20 million per year for the division since 1998," Coetzee says.
"IST Telecom currently has tenders totalling some R1 billion under adjudication. Also indicative of the generally high level of activity throughout the group, IST Industrial has recently submitted tenders worth R100 million, while IST Otokon has tenders to the value of R45 million awaiting adjudication.
"With its R45 million Swaziland Electricity Board project now nearing completion, IST Energy is looking at a number of interesting opportunities in southern Africa and abroad.
"Along with Eskom Enterprises it has pre-qualified for Morocco`s national SCADA system and it was also a member of Eskom Enterprises` recent delegation to Iraq."
He adds that IST Dynamics secured some major international orders earlier this year and now earns 80% of its income offshore.
Coetzee says while the Petroman fuel management system is now operational at all the Total and Namdeb sites for which it was originally intended, there have been some hardware problems at Namdeb.
"In spite of the gestation difficulties we have had with this product, we remain confident about its potential. With virtually all the major oil companies having indicated an interest in Petroman, IST Dynamics have now taken it over and are developing it to a higher level of refinement where it may well find an international market."
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