Bell Equipment praises its SA distribution unit in ‘solid’ results statement
Bell Equipment delivered a "solid" result for the year ended December, significantly better than in 2016.The group, which makes vehicles for agriculture, forestry, waste handling, construction, mining and quarrying, is exposed to a number of economies that performed differently during the period.Revenue for 2017 was up 13% to R6.8bn. Profit after tax soared to R272m, up from the R38.6m in financial 2016 when the group recorded operating losses of R186m in its rest of Africa segment. Headline earnings per share shot up from 48c per share in 2016 to 270c per share."Our African operations continued to perform poorly because of relatively low mining activity. Our South African distribution business had a better year as did the European and North American operations, despite extensive movement in the euro-dollar exchange rate, which subdued profitability particularly for our North American operations," outgoing CEO Gary Bell said on Friday.Bell will step down as CEO with effect from June...
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