"The re-launch of the well-known Molyslip brand has so far had an enthusiastic reception from the market. The local industrial and consumer and automotive divisions are showing positive signs of improvement‚" MD Elista Nepgen said on Wednesday.
The group's net profit after tax has increased 19% moving from R1.58m to R1.88m. The group's net asset value rose from 493‚8c to 523‚6c per share. Group turnover was up 8%.
Breaking the business down into segments‚ the special lubricants and allied chemicals division managed a 15% increase in its profit from operations compared with the corresponding period last year.
This was mainly due to an improvement in Spanjaard's international markets.
But the metal powders segment showed a decline of 38% in its profit from operations compared with the corresponding period last year.
This was mainly due to difficult world-wide market conditions which led to a 10% decline in revenue for the metal powders division‚ Nepgen said.
Nevertheless‚ she was happy with the company's performance‚ especially in Eastern Europe.
"We are excited to report a 12% increase in our international sales. Likewise the decrease in administration costs also contributed positively to our results. This good news resulted in an increase in net profit after tax of 19% over the corresponding period last year‚" Nepgen said.
Non-current liabilities rose 10.7% from R11.64m to R12.89m. Current liabilities grew 27% from R24.12m to R30.7m.
Nepgen said she had to give attention to an increase in interest-bearing liabilities‚ which was brought about by the timing difference between the production and completion of a very large international division order.
Nepgen said the company was trying to make its mark in markets that were becoming more competitive quickly and prices were unstable.
An interim dividend of 15 cents per ordinary share was declared.
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