Empowerment private equity fund Cape Empowerment Trust (CET), the majority shareholder in Dynamic Cables, has reported interim headline earnings per share of 1.3c, compared with a loss of 0.3c a share a year earlier.
<B>Salient figures</B>
Cape Empowerment Trust results for the six months to 30 June 2003.
Figures for the year-earlier period in parentheses:
Operating income: R36 000 (-R119 000)
Net interest received: R16 000 (-R223 000)
Income before tax: R52 000 (-R342 000)
Share of associate companies` income: R1.48m (--)
Net attributable income: R1.53m (-R342 000)
EPS: 1.3c (-0.3c)
HEPS: 1.3c (-0.3c)
NAV per share: 37.4c (43.4c)
Cash generated by operations: -R132 000 (-R864 000)
Current assets: R478 000 (R570 000)
Current liabilities: R395 000 (R4.19m)
CET owns 53% of Dynamic Cables, which today also released its results for the six months to 30 June.
"As a black-controlled company with a proven track record, Dynamic Cables finds itself well positioned to take advantage of the empowerment-oriented procurement programmes of utilities and telecoms companies," says group CE Shaun Rai, who is also acting chairman of Dynamic Cables.
Rai says CET, having contributed significantly to its community initiatives for five years and given the latest developments in empowerment, is positioned to reap the rewards of its empowerment track record.
The company also has investments in other sectors, with clothing industry firm B&H Printhouse contributing 30% of income.
CET`s attributable income rose to R1.53 million in the six months from a loss of R0.34 million a year earlier.
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