Shares in South African electrical engineering and technology firm Reunert fell more than 3.5 per cent on Friday after the company admitted earnings were likely to be down by 16 per cent.
The company blamed transport strikes in October and lower interconnect rates on their mobile business Nashua for the decreased earnings.
“The combination of these factors has resulted in lower revenue for the six months and a consequent decrease in earnings,” Reunert said.
Earnings per share and headline earnings per share for the six months ended March 2013 are expected to decline by between 13 and 17 per cent than in 2012.
