Argent Industrial, a steel-based beneficiation group, has restructured its business following a "difficult year" caused by the depressed economy. The group restructured, closed or impaired some of its local businesses, including the Sentech motor component operations. Manufacturing is the biggest activity of the company, which operates factories in SA, the UK and US. The reduction in the value of its plant and equipment of R275m left it with an attributable loss of R184m in the year to March 2018, from profit of R63m in 2017. "The restructuring and the expected returns on the group’s overseas operations will, however, hold the group in good stead in the year ahead," Argent said on Thursday. The group’s three overseas manufacturing companies were the biggest contributor in the period, making a combined profit of R27.2m before tax, including a R5.7m unrealised foreign-exchange loss. The company makes and sells a wide range of branded products, including for railways, doors and gates. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.