| NEWS
|
Seardel sees loss 23.4 cents vs 53.3 cents earnings
November 6, 2009
Seardel last week reported that its headline loss per share for the six months ended September 2009 was at 23.4 cents, down 56.2 percent from the 53.3 cents reported last year.
The headline loss from continuing operations was at 5.8 cents compared to 37.7 cents before and the headline loss from discontinued operations was at 17.6 cents from 15.6 cents before.
Loss for the period from continuing operations was at R49.7 million compared with a loss of R139.3 million previously.
Revenue for the period was at R1.3 billion compared to R1.7 billion.
The performance of the continuing textile operations showed an improvement and delivered an operating profit of R10 million after accounting for a R4 million foreign exchange loss and retrenchment and restructuring costs of R2 million, it said.
"The textile division has made significant progress in the implementation and adoption of the various world-class management and manufacturing disciplines and structures we are applying across the Group.
Some of the benefits that these world-class systems will bring are already being realised in a number of operations.
"Based on the interventions mentioned, we anticipate an improvement in the performance of this division over the next six months."
Looking ahead, Seardel said although significant challenges still needed to be overcome, both within Seardel and within the industry in general, it remained optimistic that a turnaround could be achieved.
"We are pleased with the operational progress made to date and although the benefits of these actions are yet to reflect in the numbers, we do foresee improved results for the 6 months to 31 March 2010," it said.
"However, the rand strength is of significant concern as it has the effect of reducing the cost of imported product thereby rendering the local industry uncompetitive." - I-Net Bridge
|
|
|
Social bookmarking allows users to save and categorise a personal collection of bookmarks and share them with others. This is different to using your own browser bookmarks which are available using the menus within your web browser.
Use the links below to share this article on the social bookmarking site of your choice.
Read more about social bookmarking at Wikipedia - Social Bookmarking
|
|
|
News
Markets
Technology News
Company News
International
|
