Local original-equipment manufacturer (OEM) Bell Equipment achieved headline earnings a share of 80c for the year ended December 31, while earnings a share were 79c.
This compares with headline earnings a share of 278c and earnings a share of 283c reported for the prior financial year.
Taking the current difficult economic circumstances into account, Bell has not declared a final gross cash dividend for the full year.
While liquidity has improved since the start of this year, in line with a lower investment in working capital, Bell said on May 29 that it had started to see a reduction in inventory levels in the first half of 2020.
Current inventory levels are considered to still be too high, but this together with the weaker rand, is expected to assist the group with its inventory realisation plans this year.
Steps have also been taken to reduce costs and rightsize the business to match demand, and Bell has confirmed that these actions will continue throughout this year.
Based on expected weak global market conditions, Bell expects its sales volumes for this year to be about 30% lower than those of 2019.