Master Plastics’ loss as maiden results issued

NEWLY listed Master Plastics Group recorded R9.4 million in revenue for the year to February.

This is contained in its maiden results, following its listing on the JSE’s AltX this month.

The company’s gross profit was R2m and loss from operations came to R909 000. Loss for the period was R582 000 and headline loss a share was 13.9 cents.

Master Plastics was unbundled from the Astrapak last Wednesday.

“In order to give effect to this and prior to the implementation of the unbundling, Master Plastics was incorporated and a number of companies and/ or assets were disposed of to the company through a series of ‘asset-for-share-transactions’ at the end of January and February 2017, which resulted in the establishment of the group.

“The group includes the manufacturing businesses of Barrier Film Converters, Peninsula Packaging and Plusnet-Geotex,” the firm said on its website.

The group will continue to focus on the execution of its stated business strategy and invest in opportunities to enhance efficiency and in support of organic growth being experienced by the existing customer base.

Trading conditions remain challenging in an economy with a rather depressed outlook, but the group is confident that the exposure to more defensive market segments and a continued focus on operational performance will support and underwrite its strategic efforts, it said.