ART PROFIT UP 40PC:
LISTED battery and stationery manufacturer, Amalgamated Regional Trading (ART) said yesterday, interim after tax profit for the period ended March 31 jumped 40 percent to $1,25 million owing to improved operational efficiencies.
In the comparable period last year, the group recorded a net profit of $892 000.
Group chairman, Thomas Wushe said all business units had performed well despite foreign currency shortages and liquidity challenges.
“The proactive and prudent measures taken to reduce the cost base and improve operational efficiencies have yielded positive results and cushioned the business against the adverse effects of the operating environment,” he said.
At $15,2 million, ART Corporation’s revenue was 8 percent higher than last year pushed by a jump in battery sales.
The group did not declare a dividend with Wushe saying “it is necessary to conserve cash in the business”.
Earnings per share improved to 0,27 cents from 0,22 cents.
In terms of divisional performance, Exide, the battery manufacturer, recorded an operating profit of $1,3 million after sales jumped 26 percent. The paper division posted a $52 000 operating profit, while pen maker, Eversharp registered a 4 percent jump in sales and an operating profit of $520 000, up from 465 000.
In the short term, Mr Wushe said the group was focusing on boosting export volumes and consolidating retooling initiatives.