Investment fund Trematon`s investment in London-listed Intec Telecom Systems helped it more than double its headline profit per share for the year to August.
The fund`s assets comprise 8.8 million Intec shares and a rand-denominated interest-bearing claim on loan account against Mican.
Trematon achieved a pre-tax profit of R14.23 million, 22.8% up on the previous year`s R11.6 million.
The profit for the year amounted to R14.23 million, which was 65.8% more than the R8.58 million of the previous year.
A headline profit of 13.5c a share compares with 6.4c a share previously, while a basic profit of 13.5c a share compares with a previous 8.2c a share profit.
Trematon recorded a net asset value of 44c a share at the year-end, 44.6% up from 30c last year, primarily due to an increase in the Intec share price.
The fund says Intec`s results for its third quarter ended 30 June were encouraging.
Revenue of ₤46.9 million was up 41% on the year-earlier quarter and the adjusted earnings per share of 1.44p was 172% higher than the 0.53p recorded for the quarter to June 2003.
On 31 August Intec announced the $74.5 million acquisition of ADC Telecommunications` Singl.eView retail billing software division.
"The future value of Trematon is dependent mainly on the price of Intec shares," the fund says. "Intec is cautiously confident of settling down its latest acquisitions and achieving its full-year expectations particularly as there is evidence of a slow but steady recovery in the business sector in which it operates."
The Trematon share closed unchanged at 45c on the JSE yesterday.
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