Retrenchment costs cut into OneLogix’s profit
Niche logistics provider OneLogix Group grew trading profit by 8% in difficult conditions for the six-months ended November 2016. It said trading conditions would remain tough for all group companies for the foreseeable future, but it was extracting maximum efficiencies from existing businesses. Group revenue was up 12% in the period, with headline earnings per share rising 1%. “Five businesses which account for 70% of revenue were affected by [economic] headwinds,” CEO Ian Lourens said on Thursday. Three businesses in the agricultural sector were directly affected by drought, he said. Meanwhile, the South African motor vehicle industry had seen a declining trend in sales over the past three-and-a-half years. That meant that OneLogix Vehicle Delivery Services and OneLogix Commercial Vehicle Delivery Services traded down in line with a contracting and increasingly competitive market, the group said. But cash generated from operations before net finance costs, taxations and dividends ...
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.