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Renaissance ekes out 9-month profit as sales gain

Monday 29th November 2010

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Renaissance, a New Zealand distributor of Apple products and education software, posted a profit in the nine months ended September 30, as sales rose.

Earnings before tax were $466,000 in the nine months, from a loss of $1.1 million a year earlier, the company said in a statement today. Sales rose 10% to $154 million.

Renaissance changed its balance date to September 30 from December 31, saying it wanted to shift the "volatile" December quarter to the first quarter of the new year. Apple announced it had appointed a second distributor of its products in September.

The IT industry "continues to exhibit significant structural changes related to the introduction of virtualisation and cloud computing," said chief executive Richard Webb.

The shares fell 3% to 31 cents and have climbed 45% this year.

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