Fin24

Barloworld boosts profit, dividend

2011-11-14 07:56

Johannesburg - Industrial group Barloworld reported a 120% rise in full-year profit on Monday, lifted by booming demand for heavy duty equipment in the mining industry.

Barloworld, which leases and sells autos and earth-moving equipments, said headline earnings per share from continuing operations totalled 465 cents in the year to end-September compared with 212c a year earlier.

The company has been squeezed as construction boom from the 2010 Soccer World Cup ended, but a recovery in new auto sales and an upswing in spending by miners have helped it mount a recovery.

Sales were up 22% to R49.8bn, helping it boost annual dividend by 107% to 155c per share.

Shares in the company are up about 4% so far this year, compared with a flat JSE All Share [JSE:J203] index.