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Brikor posts improved results - more to come
Brick manufacturer and distributor Brikor (BIK) says it improved its revenue for the year ended February by 7.1% to R134.8m.
This improvement came despite what the company called difficult economic conditions which affected the building and construction sectors‚ its core business.
"Notwithstanding relatively low housing mortgage rates‚ financial institutions maintained their rigid credit approach to mortgage bonds‚ which continued to subdue Brikor's markets throughout the year‚" Brikor said.
The residential market‚ however‚ was sustained by ongoing orders from the additions and alterations sector‚ the company said.
"Margins remained under pressure in a competitive environment‚ as evidenced in the group's results. The focus of the company was management of cash flows through ardent cost-cutting and working capital management measures‚" it said.
During the financial year‚ Brikor opened a coal mine.
"The mining of coal is a new division which is anticipated to show substantial returns in the 2013 financial year. Significant costs have been incurred in the latter part of the financial year to open the coal mine‚" it said.
Brikor reported a fully diluted headline loss per share of 2.3c from the previous year's loss of 4.6c.
"Based on the repositioning and restructuring of the company‚ support of its financiers and assuming that current market and economic conditions will not deteriorate‚ Brikor is expecting improved results in the next financial year‚" Brikor said.
Source: I-Net Bridge
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