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Earnings dip for Hudaco

Johannesburg - Consumable product manufacturer Hudaco Industries [JSE:HDC] said on Friday that its diluted headline earnings per share (HEPS) for the year ended November 2010 eased slightly to 784 cents from 785 cents in the corresponding period of 2009.

Turnover was up 2% at R2.4bn while operating profit also rose 2% to R300m.

Profit for the year slowed to R237m from R248m a year ago. The group declared a total dividend of 350c per share.

Hudaco imports and distributes high-quality branded industrial consumable products.

Its customers are mainly in the southern African manufacturing, mining, construction, automotive aftermarket and security industries.

It said sales are influenced by two variables: changes in volumes of product sold and changes in prices charged, which are closely linked to the rand exchange rate because Hudaco is predominately an importer.

Sales volumes recovered from the very sharp decline experienced in 2009, it said.
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