Spanjaard slips into a loss after outsourcing distribution
Manufacturer and distributor of lubricants and chemical products Spanjaard said on Thursday it had slipped into a loss as a result of lower exports to Asia and teething problems at its recently outsourced distribution operation.
The company reported a loss of R123,000 for the six months to end-August, from profit of R1.25m previously.
The company reported a headline loss per share of 1.51%, from headline earnings per share of 15.5c previously.
“Contributing factors of this set of underperforming financial results include expenses incurred over this interim trading period, particularly with respect to administrative expenses and distribution issues and costs,” said CEO Tracy Spanjaard.
The company said export sales were significantly down as a result of a drop in sales in the Asia-Pacific region, though Europe and Africa performed well.