Control Instruments' earnings drop
Automotive instruments manufacturer Control Instruments on Monday (12 August) posted a drop in headline earnings per share from continuing operations for the six months to June. Earnings fell from 6.58c last year to 5.74c this year.
Revenue for the period was flat at R268.9m caused by large distributors reducing inventory levels in the supply chain.
Operating profit was up 4% to R13.83m.
"Despite the slowdown in consumer spending‚ Control Instruments has remained committed to its investment in marketing and sales within its distribution channel and to the introduction of new brands to the market.
"This continued investment will provide a solid platform for the business‚ its brands and its route to the market in the medium- to long-term‚" the company said in a statement.