Etion’s loss widens as it adapts to weaker economic conditions
The specialist technology group moved to write down businesses and retrench staff in its year to end-March
Diversified digital technology group Etion's loss widened in its year to end-March, as it moved to adapt its business to changing market conditions.
The group saw R64m in one-off costs in the period, which exceeds its market capitalisation, as it wrote down inventory and retrenched staff amid a reorganisation of its businesses.
The group reported an after tax loss of R36.1m, from a loss of R2.7m previously, also reporting an economically driven decline in demand for fibre connections to home and offices.
The group provides network infrastructure and cybersecurity services.
In morning trade on Thursday, Etion's share was unchanged at 10c, giving it a market capitalisation of R56m.
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