Business Connexion: Interim profit posts sharp decline

INFORMATION technology company Business Connexion Group (BCX) has reported a sharp decline in profit for the six months ended February. The group reported profit of R68.1 million for its latest interim period, which was a 70 percent fall from the previous six-month period – when profit was R225.9m. BCX’s revenue increased by 16 percent to R3.56 billion compared with R3.07bn in the previous interim period. The group’s gross profit margin fell to 27.4 percent from 30 percent in the half year ended February 2014. Basic earnings per share declined by 66 percent to 17.8c, down from 52.2c previously. Headline earnings per share rose 14 percent to 17.9c from 15.7c. Cash available on the company’s books stood at R189.3m at the end of February, down from R204.6m at the end of December 2014. On the buyout of the company by Telkom, BCX said it was still waiting for the acquisition to be sanctioned by the competition commission and the Independent Communications Authority of South Africa. BCX’s shares on the JSE closed 1.29 percent higher at R6.28. – Staff Reporter