Metair reports marginal 2013 FY results - CNBC Africa

Metair reports marginal 2013 FY results

Earnings

by admin 0

Metair is also a battery dealer. PHOTO: Getty Images

The company's revenue was up 14 per cent to 5.2 billion rand for the year ended 31 December 2013 from 4.6 billion rand in the previous comparative period. Meanwhile, operating profit decreased to 445.6 million rand from 569.8 million rand in 2012.

“The acquisition of Mutlu Akü is deeply transformative for Metair and provides access to attractive growth markets thereby enhancing our geographical diversification,” Theo Loock, managing director of Metair, said in a statement.

“Mutlu Akü together with FNB, our local battery manufacturing facility and Rombat in Romania, establishes us as the largest battery manufacturer in the EMEA region with a total increased production capacity of 11.7 million batteries per annum.”

(READ MORE: Metair to buy Turkish battery maker)

[DATA MTA:Metair] is a South African automotive, industrial and retail company that manufactures and distributes spare parts in the motor vehicle aftermarket, and non-automotive products for various other sectors of industry. 

Profit before tax for the company was recorded at 495 million rand, a significant decrease from 641.4 million rand in the previous year. Headline earnings per share also decreased to 219 cents from 310 cents in 2012.

The decrease was largely due to the impact of labour unrest on Metair’s local original Equipment segment, combined with the negative mining sector environment.

Revenue for the company’s local original equipment segment showed a slight increase, and aftermarket segment took a similar path with an increase from 1.1 billion rand in 2012 to 1.4 billion rand for the period under review.  

Metair’s non-auto segment also showed a slight increase from 462.9 million rand to 486.3 million rand.

(READ MORE: S.Africa's Metair operating profit and revenue up)

“Metair’s performance in the year ahead will be dependent on a number of factors including good original quipment volumes, a stable labour environment, attainment of efficiencies, internal inflation recoveries and the exchange rate,” Loock explained.

“Subject to such factors and our ability to maximize our international acquisitions to entrench our relevance in the new markets we have access to, we anticipate a satisfactory performance for 2014.”

Comments