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Johannesburg - Automotive component producer Control Instruments Group [JSE:CNL] reported on Tuesday that its revenue for the year ended December 2010 was up 7.8% to R906.1m.
Operating profit came in at R12.7m from a R17.9m loss previously. Diluted earnings per share from continuing operations were 1.6 cents, from a loss of 12.3c a year ago.
The focus on expense management resulted in a marginal decrease in expenses to R244.3m from R246.1m the previous year.
"This was a notable achievement, given the high level of expenses over which neither of the group's businesses has control, such as wage and salary increases and increasing electricity and transportation costs," it said.
Normalised earnings before interest, tax, depreciation and amortisation increased by 32.1% to R43m in the year under review.
The upturn in the aftermarket sector regarding CI Automotive, which began in 2009 and increased momentum during 2010, was a major contributory factor to the results delivered by "our aftermarket business".
Operating profit came in at R12.7m from a R17.9m loss previously. Diluted earnings per share from continuing operations were 1.6 cents, from a loss of 12.3c a year ago.
The focus on expense management resulted in a marginal decrease in expenses to R244.3m from R246.1m the previous year.
"This was a notable achievement, given the high level of expenses over which neither of the group's businesses has control, such as wage and salary increases and increasing electricity and transportation costs," it said.
Normalised earnings before interest, tax, depreciation and amortisation increased by 32.1% to R43m in the year under review.
The upturn in the aftermarket sector regarding CI Automotive, which began in 2009 and increased momentum during 2010, was a major contributory factor to the results delivered by "our aftermarket business".
