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UPDATE 1-Barloworld H1 earnings up, sees strong growth

Mon May 12, 2008 3:03am EDT
 
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JOHANNESBURG, May 12 (Reuters) - South African industrial group Barloworld (BAWJ.J: Quote, Profile, Research, Stock Buzz) lifted half-year earnings per share from continuing operations by 105 percent 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 percent to 345 cents and operating profit increased 30 percent to 1.29 billion rand 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 percent to 1.27 billion rand.

"We anticipate another strong performance at an operating profit level in the back of this year," Thomson told Reuters.

He said the growth would be driven again by the equipment unit in southern Africa and Siberia. (Reporting by Gugulakhe Lourie; Editing by Quentin Bryar)

 

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