RESILIENT IN FIRST QUARTER

JSE-LISTED Barloworld Group’s said yesterday that its motor trading division had been resilient in the first quarter, despite weak demand in the premium market segment and margin pressures across the represented brands. It also said the Avis Fleet had been hit by contract delays and operating margins in the quarter had shown improvement on the prior year. “Rent a Car was negatively impacted by the decline in the foreign inbound segment over the December 2018 peak trading season,” the company said. It said the logistics division had produced a solid result in line with last year’s performance. “Turnaround initiatives continue, notwithstanding the headwinds faced particularly in the transport industry. The sale of the Middle East business is progressing as expected. Barloworld in November sold a 14 percent stake in its local property portfolio to a newly established majority black-owned Propco in a R3.5 billion deal that will enhance the group’s procurement opportunities.”