JOHANNESBURG - Robust earnings growth in its equipment business in Russia and a turnaround in its logistics business drove a strong financial performance by listed distribution group Barloworld in the year to September.
Barloworld said yesterday that Equipment Russia produced record revenue and operating profit in dollars as a result of strongly improved mining activity.
Equipment Southern Africa produced a solid operating performance, which was also driven by increased mining activity. It said the automotive division produced a good result in challenging market conditions, while logistics produced a substantially improved operating performance despite lower activity levels following the success of operational and cost initiatives implemented towards the end of last year.
Barloworld said headline earnings a share from continuing operations were expected to be between 13 and 23percent higher in the year to September than in the previous year. Shares in Barloworld fell 0.28percent yesterday to close at R126.20.
- BUSINESS REPORT