Spanjaard, a manufacturer of specialised lubricants and allied chemical products, on Thursday reported a 95% fall in its 1st half earnings and headline earnings per share. Releasing its results for the 6 months to end August, the company said earnings and headline earnings per share were 1.4 cents compared with 28.9 cents in the same period last year. A half-year profit of R117,000 was posted against last year's 1st half profit of R2.4-mn. Revenue dropped 16% to R40.8-mn from R48.4-mn, partly due to the weak local industrial market, but also as a result of export sales being affected by weak market conditions. "We have invested R1.3-mn in the acquisition of new equipment to improve normal capacity," the company said in a statement to the JSE.
Looking ahead, the company said historically the 2nd half of the financial year has produced better results than the first. "We have the expectation of ending the financial year comfortably in positive territory," the company added.
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