Afrox interim earnings remain flat
The continued economic downturn in manufacturing, mining and steel production hampered Afrox’s financial performance during the first half of the year.
The gas products and services company reported marginally higher headline earnings a share at 55.1c for the six months to June, compared with the 53.8c achieved in the prior corresponding period.
Earnings before interest, tax, depreciation and amortisation (Ebitda) lifted marginally, from R446-million in the first half of 2012, to R449-million in the period under review, while the Ebitda margin narrowed to 15.7%, from 16% in the interim period last year.
The group’s R176-million profit for the half-year was down 6% from the R183-million achieved during the six months to June 2012.
Afrox generated revenue of R2.9-billion during the six months to June, up 3% on the R2.8-billion recorded during the corresponding period the year before, despite achieving price increases broadly in line with increased input costs.
“Prolonged uncertainty in the economy and low gross domestic product growth in South Africa, continue to impact negatively on the demand for our products in many key sectors. This has been reflected by Afrox’s top customers, who have been reporting earnings declines, especially in the key mining and steel sectors of the market,” the company explained.
Afrox declared an interim cash dividend of 27c for the period under review.
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