Pinnacle Holdings: Revenue grows 1.1% to R3.16bn

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Pinnacle Holdings, formerly Pinnacle Technology Holdings, grew revenue by 1.1 percent to R3.16 billion during the six months to December last year amid tough trading conditions, the provider of computer hardware and other equipment said on Friday. Trading was challenged by the effects of labour unrest, a weaker rand and lower spending by debt-laden consumers, it said. Gross profit gained 6 percent to R514.9 million. Operating expenses grew 9.1 percent to R282.3m, which resulted in a nominal 1.7 percent increase in operating income to R232.5m. Group headline earnings a share grew to 95.4c from 93.8c a year ago. Pinnacle’s ICT distribution subsidiary, the largest contributor, reported a 1.9 percent gain in revenue to R3.1 billion, boosted by a 46 percent jump in revenue from distribution into Africa. Net profit after tax fell to R141m from R194.5m previously. The shares fell 6.79 percent to R21 on Friday. – Asha Speckman

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