Mustek earnings tumble in tough climate

For the six months ended 31 December 2023, the group said operating profit declined by 25.3% to R180.6-million, while revenue declined by 13% to R4.3-billion.

But higher interest rates resulted in a 50.5% increase in finance costs to R115.1-million , with the average prime interest rate 24% higher in this period compared to a year ago.“The average borrowing rate applicable to the group’s US dollar-based borrowings nearly doubled to 5.3% from 2.9% in the comparative period.

“We are cautiously optimistic that the AI PC will bring a new round of potential growth in the PC market,” it said, referring to demand for computers with processors capable of on-device generative artificial intelligence tasks.

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