Feb 4 British industrial group Lonrho Plc
said it would post a net operating loss for 2012 as
there were delays in the delivery of certain contracts and
implementation of some projects in its core agribusiness.
Lonrho, an industrial group with interests in Africa that
operates through four divisions - agricultural operations,
infrastructure, support services and hotels, said it expects to
report a net operating loss of between 3 million pounds and 5
million pounds ($4.7 million-$7.9 million) for the year-ended
Analysts were expecting the company to report a pretax
profit of 10.45 million pounds on revenue of 223.5 million
pounds, according to Thomson Reuters I/B/E/S.
Lonrho said full-year revenue rose 44.3 percent to 186.1
"Progress in certain areas has been slower than expected in
the final quarter, impacting on revenue and profitability in
2012," Lonrho said in a statement.
The company also said the Lonrho John Deere distributor in
Mozambique experienced significant import delays of tractors and
other equipment arriving into Mozambique in the fourth quarter.
It added that smaller-than-normal fish sizes hurt supply at
its seafood production business even though fish volumes were
good in November and the first part of December.
Shares in the company were down more than 15 percent at 7.85
pence in early trading on Monday on the London Stock Exchange.