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Barloworld gets numbers boost

Johannesburg - Barloworld [JSE:BAW] said on Wednesday its October to December results showed strong improvement, helped by demand for equipment from the mining industry.

Barloworld, which leases and sells automobiles and earth-moving equipment, said its southern Africa equipment unit's operating profit "significantly improved" in the first three months of its financial year, which begins in October.

However, the company said conditions were mixed at its auto unit, where car rental rates and volumes remain under pressure.

Barloworld said its order book stood at more than R4bn at the end of December, a historical high in dollar terms.

Barloworld was squeezed after World Cup-related construction came to an end, but forecast an improved 2011. This was due to new vehicle sales and an upswing in mining, thanks to higher commodity prices.

The company said it had received all regulatory approvals necessary to acquire the remaining 50% stake in its Russian equipment unit. That $52m acquisition is likely to raise its level of net debt, it said.

Shares of the company were up 1.7% at 12:04 on Wednesday, outperforming a 1% rise in Johannesburg's All-Share index.
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