Pinnacle Technology Holdings has reported increased turnover for the six months to 31 December or R1,354-billion, a 39% increase over the previous year's R974,372-million.
The company realised gross profit of 15,88%, compared to last year's 17,47%, and operating profit margins of 4,9%, compared to 7,3% a year ago.
In a statement today, Pinnacle advises stakeholders that the operating profit margins include a foreign exchange loss of R32,489-million realised on uncovered foreign denominated liabilities incurred during the devaluation of the rand in October 2008.
"Foreign denominated liabilities are now fully hedged using forward exchange contracts to protect the group against foreign currency volatility," the statement reads.
Earnings per share is projected to be between 29 and 31 cents per share, between 15,5% and 9,6% lower than the results of the comparative period last year.