THE Memorex acquisition continues to dog Hanny Magnetics (Holdings), which more than doubled turnover but posted a $137.8 million interim attributable loss for the six months to September 30.
The company posted a $82.4 million attributable profit for the same period last year, said chairman Wong Sun. Turnover rocketed to $1.4 billion from $573.1 million.
Losses per share were 17.08 cents against earnings of 11.31 cents a share in the previous corresponding period.
Mr Wong said no interim dividend would be paid; the company paid four cents a share last year.
He said Memorex margins had improved and the Memorex acquisition had boosted group turnover, but overall group profit margins fell because of lower floppy disk prices.
He said the group had had exceptional items of $29.7 million for group reorganisation expenses and $28.8 million for write-down and write-off of stocks totalled $58.5 million, he said.
Hanny announced in November 1993 that it had agreed to buy the assets of Memtek Products from Tandy for US$65 million and local analysts said the acquisition was still taking its toll.
