ARB earnings marginally down on static electrical division
A decline in State-owned Eskom’s reticulation projects and the month-long National Union of Metalworkers of South Africa-led strike in July 2014 had weighed on the revenue of JSE-listed ARB during the six months to December 31.
The electrical and lighting product distributor’s first-half revenue fell 5% to R1.1-billion, compared with the R1.5-billion achieved in the first half of 2013, owing to the decreased activity in ARB’s electrical division. However, the lighting division continued to show market share gains.
Headline earnings per share declined by a marginal 0.4% to 24.79c during the interim period under review, while the group’s profit for the period contracted 1% to R76.6-million.
Operating profit for the interim period decreased 3% to R98-million; however, the group’s operating margin improved marginally to 8.9%.
The group’s overall gross margin increased from 21.6% to 22.5% in the six months to December.
The electrical division posted a 9.6% decline in revenue to R890.2-million and an 11.8% fall in operating profit. However, the unit’s gross margin improved marginally to 18.9%.
The lighting business continued its growth momentum following the introduction of new product categories and key customer gains in prior periods, with revenue rising 23.1% to R213.5-million and operating profit up 15.8%.
The group’s net working capital increased by R53.5-million, representing a hike from 20% to 22.8% of annualised revenue.
The company ended the interim period ungeared, with R129-million net cash on hand, and with a net asset value a share of 297.84c.
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