Compu-clearing Outsourcing`s (Compuclear`s) headline earnings fell by 16% from 7.8c to 6.6c a share in the six months to December.
Chairman Arnold Garber says although operating revenues continued to strengthen, this was offset by an increased charge for secondary tax on companies (STC) of R0.86 million (2003: R0.29 million), resulting from the increased dividends paid in October.
This equates to an extra charge of 1.5c a share.
Rental and other revenue rose by 3.9% to R18.52 million (R17.8 million), while operating profit was up by 2.5% to R3.99 million (R3.89 million).
Although pre-tax profit rose from R4.59 million to R4.72 million, the STC charge resulted in a 12% decline in attributable earnings, from R2.88 million to R2.52 million. Earnings per share fell from 7.5c to 6.6c.
"I am confident that the second half offers improved prospects for the group, as a result of organic growth," says Garber, adding that prospects for the international operation are encouraging.
"The group is in the process of launching a business partner programme aimed at broadening its distribution capabilities, both locally and abroad. The initial response to the programme has been most encouraging and is expected to have a positive impact on revenues and operating margins."
Compuclear provides IT solutions to the customs clearing and freight forwarding industries.
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