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Johannesburg - Seardel on Thursday reported
that its headline loss per share for the six months ended September 2009 was
at 23.4c, down 56.2% from the 53.3c reported last year.
The headline loss from continuing operations was at 5.8c compared
to 37.7c before and the headline loss from discontinued operations was
at 17.6c from 15.6c before.
Loss for the period from continuing operations was at R49.7m
compared with a loss of R139.3m previously.
Revenue for the period was at R1.3bn compared to R1.7bn.
The performance of the continuing textile operations showed an
improvement and delivered an operating profit of R10m after
accounting for a R4m foreign exchange loss and retrenchment and
restructuring costs of R2m, it said.
"The textile division has made significant progress in the
implementation and adoption of the various world-class management and
manufacturing disciplines and structures we are applying across the group.
Some of the benefits that these world-class systems will bring are already
being realised in a number of operations.
"Based on the interventions mentioned, we anticipate an improvement in
the performance of this division over the next six months."
Looking ahead, Seardel said although significant challenges still needed
to be overcome, both within Seardel and within the industry in general, it
remained optimistic that a turnaround could be achieved.
"We are pleased with the operational progress made to date and although
the benefits of these actions are yet to reflect in the numbers, we do
foresee improved results for the six months to 31 March 2010," it said.
"However, the rand strength is of significant concern as it has the
effect of reducing the cost of imported product thereby rendering the local
industry uncompetitive. Furthermore, the anticipated increases in
electricity charges will also play a role in determining the viability of
the local industry as the import threat will ensure that these cost
increases will not be able to be passed on to the customer," said Seardel.
- I-Net Bridge