INTERIM RESULTS
Altron still eager to sell legacy assets
Altron’s interim results failed to impress the market on Thursday. Some believe that all the "low-hanging fruit" of new CEO Mteto Nyati’s tenure has been plucked. The company, which owns Bytes and vehicle tracking business Netstar, has been repositioning itself to focus on information and communication technology (ICT) but still needs to sell legacy assets that were acquired under the former reign of the Venter family. The biggest businesses still to be sold are Powertech Transformers and Altech UEC. The former made a R51m earnings before interest, tax, depreciation and amortisation (ebitda) loss for the first half to end-August, while Altech UEC grew profit to R47m from R17m. Cratos Wealth portfolio manager Ron Klipin described Powertech as "the elephant in the room" and said "obviously they’ve not able to get the price" they wanted. Nyati, who took the helm in April, said that Powertech Transformers and Altech UEC "are my priorities … we’d like to make sure we have closed [the sal...
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