Spescom has bucked the current financial trend, posting a headline earning of 14.2c for the interim period, compared to the headline loss of 15.8c for the comparable period last year.
The listed communications and IT group moved into positive territory for the six months to March, reporting a net profit of R10.7 million, compared to the net loss of R8.6 million reported for the same period last year.
Turnover grew 54.6% from R149.2 million to R230.7 million, and the company has cash and cash equivalents of R53.5 million at the end of the interim period.
The interim figures also look substantially healthier than those turned in for the last financial year, when the company reported a loss of R19.62 million.
"The first half of last year was characterised by poor returns due to various factors including cutbacks in Telkom's spending and the Y2K hype. However, the second half showed a steady positive trend, in spite of extremely tough trading conditions," says Tony Farah, executive chairman of Spescom.
He adds that the group is pursuing the achievement of its stated goals through the development of proprietary technology products and software, as well as through alliances with major international companies.
The group's work with British Telecom continues, and Farah says Spescom intends to introduce similar offerings to several other global utilities.
The company traditionally has a stronger second half and Farah says this should be replicated in this year's figures. He notes that Spescom remains committed to deriving 50% of its revenue offshore by 2003.
Related stories
Spescom optimistic despite plunge in earnings
Share
