SPANJAARD, a manufacturer of specialised lubricants and allied chemical products, on Thursday reported an 11.7% decline in diluted headline earnings per share to 20.4c for the six months ended August, as higher operating costs hurt profits.Chairman Robert Spanjaard said the JSE-listed company’s results were "consistent with current market conditions".Group revenue grew 5.9% from a year earlier, to R58.3m, while profit from operations dipped to R2.97m.Mr Spanjaard said while the group had achieved a "satisfactory" increase in turnover, sharp rises in manufacturing overheads had led to falls in the gross profit margin and after-tax profit.The group declared an interim dividend of 15c per ordinary share, unchanged from the prior interim period.Spanjaard’s local consumer automotive and industrial divisions "exceeded expectations", growing by 12%. However, difficult international conditions took their toll on the international division, Mr Spanjaard said.The group’s lubrication products ...
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