Reunert: Nashua Mobile sale helps lift earnings

ELECTRONICS and electrical group Reunert posted an 11 percent rise in first-half headline earnings per share (EPS) on growth in operating profit and income from the sale of its Nashua Mobile unit. Reunert, which owns power cable and office printer businesses, said yesterday that diluted headline EPS rose to 264.8 cents in the six months to March from 238.5c a year earlier. Headline EPS is the main profit measure in South Africa that excludes one-off items. The company sold South Africa’s largest independent cellular service provider, Nashua Mobile, for about R3 billion late last year, saying it was not viable in the face of tough competition from MTN and Vodacom. Reunert said revenue increased by 7 percent to R3.9bn despite a sluggish domestic economy and frequent power cuts. The firm said it would pay a first-half dividend of 105c, up from 95c a year ago. Reunert’s shares rose 1.05 percent to close at R64.19. – Reuters