Bell Equipment warns of steep decline in headline earnings
This is due in part to fraud and mismanagement in Bell’s unit in the Democratic Republic of Congo
Bell Equipment says headline earnings per share (HEPS) for the year to the end of December are expected to be between 73% and 79% lower than the previous year. This was partly due to fraud and mismanagement in the company’s subsidiary in the Democratic Republic of Congo, Bell said on Tuesday. Continued depressed conditions in the markets and industries in which it operates and the strength of the rand in the second half of 2016, also contributed to the expected decline in earnings, it said. HEPS would be between 35c and 45c, compared with 167c for the prior year. Bell Equipment is a leading global manufacturer, distributor and exporter of an extensive range of materials-handling machines.
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