Barloworld earnings up, sees strong growth

South African industrial group Barloworld lifted half-year earnings per share from continuing operations by 105% and forecast strong growth driven by its equipment unit on Monday.

Group headline EPS—the key profit measure in South Africa which excludes non-trading, capital and certain extraordinary items—rose 105% to 345 cents and operating profit increased 30% to R1,29-billion for the six months to 31 March.

“The Barloworld group delivered strong growth in earnings for the half year. This was driven by the equipment division in Southern Africa which continued its growth trajectory given robust demand from the mining and construction sectors,” said Clive Thomson, CEO of Barloworld.

Revenue increased 8% to R1,27-billion.

“We anticipate another strong performance at an operating profit level in the back of this year,” said Thomson.

He said the growth would be driven again by the equipment unit in Southern Africa and Siberia. - Reuters

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