Friday 15th August 2003 |
Text too small? |
A closer look, however, reveals operating revenue was down 15% to $50.5 million against the previous period and much of the profit increase was attributable to a one-off cost of $528,000 during the same six months a year ago.
The company has operated in a torrid environment, though, and has undergone a rigorous cost-cutting programme, including downsizing inventory and reducing staff overheads.
With that in mind, most of Renaissance's troubles seem to be behind it, in particular the company's Conduit subsidiary, which can now cover costs with on-going revenues.
However, as the directors' noted at the time of the result, the PC and software market remains subdued while the relative strength of the Kiwi dollar and competitive pricing in the global IT market continue to put pressure on margins.
The company's emphasis on exclusive, value-added brands should at least produce more predictable results, the directors noted.
This year the shares have climbed from just over 20c to their current price of about 45c. But they are a long way from the dizzying highs of $1.20 in early 2001.
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills