JSE-listed Kunene Technology is enjoying the fruits of its majority holding in defence and telecoms company, Grintek, and financial figures show relief from limiting exposure to Siltek.
Kunene management stresses that this year`s financial results to end-June are not comparable to the previous year as it unbundled its interests in Siltek and acquired additional holdings in Grintek in September last year.
Grintek is Kunene`s sole underlying investment and it is on the defence and telecom`s company that its performance rests this year.
Grintek benefited from a steady increase in demand for its electronic and defence products and came through its last financial year showing a 43% increase in headline earnings and a 78% profit in pre-tax profit.
Although Grintek`s telecommunication division suffered from an industry slowdown, Kunene management says it still performed acceptably for the period.
Kunene achieved headline earnings for the year to June of R58.9 million on revenue of R942 million for the 12 months, and the cost of sales amounted to R693 million.
Headline earnings per share of 102.1c were achieved and Kunene declared a dividend of 12.5c per share.
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