Barloworld’s automotive arm spurs profit
The global group plans to focus on its core business and is disposing of Iberian and Middle East assets
Barloworld squeezed a record operating profit from its automotive division amid overall flat revenue and operating profit from continuing operations in the year to September 2017. Better mining conditions drove southern Africa and Russian equipment operations, but this was not enough to prevent an overall 11% fall in profit for the year to R1.76bn. This was not helped either by a 54.7% plunge in operating profit in the logistics division. Headline earnings per share from continuing operations rose 16%, but overall headline earnings per share rose only 5%, mainly from a R269m loss in the group’s Iberian business.
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