The South African company, Afrox recently submitted its end of year fiscal results. 2010 reports were ‘disappointing’ seeing a decline in revenue, EBITDS and earnings per share.
For the year ended 31st December 2010 Afrox reported 2% decrease in overall revenue to R4.7bn. Likewise, EBITDA declined by 24% to R606m, while headline earnings per share (EPS) were 55.5 cents for the year having reduced by 26% over the year.
Despite this the company adopted a Keynesian approach, with continued investment in plant modernisation, additional capacity and efficiency enhancements to the value of R294 m; consequently The Group ended the year with net borrowings of R842m.
In an official statement delivered by Kent Masters, Chairman for the firm and Tjaart Kruger, Managing Director, Afrox announced, “Our financial performance was disappointing as trading conditions remained challenging and were exacerbated by the disruptive and unforeseeable equipment failures at the air separation unit (ASU) in Witbank, during March.”
... to continue reading you must be subscribed
