Afrox has produced another set of good results for the six months ended 31 March 2006 with headline earnings per share for the group at 93,7 cents and a 27 percent increase in HEPS for the ongoing industrial business.
Revenue increased by 19 per cent to R1,87bn, operating profit by 16 per cent to R360,3m and net profit attributable to shareholders was 15 per cent higher at R288,5m. These comparisons exclude the healthcare results.
Continued focus on working capital again produced a strong balance sheet, which has become an Afrox hallmark.
Rick Hogben, managing director of Afrox, said that he was satisfied with the results considering the high oil prices, which affected Handigas and company margins. In addition, closure of three oil refineries during the first quarter of Afrox’s financial year led to a national shortage of liquefied petroleum gas (LPG). This had major cost implications for the business as Afrox kept large customers supplied by trucking product around the country.
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