Maxiprest profits down in 2003

Bridgestone Firestone Maxiprest reports headline earnings per share of 1.4 cents for the year ended December – a sharp decline from earnings of 23.2 cents reported the previous year.

The group reported a headline loss of 1.759 million Rand after a 21 million Rand profit the year before. At trading level, margins were maintained at 26 per cent, which was more than satisfactory given the pressure on pricing in the second half of the year end trading results from the African operations.

The group said the results were impacted by charges approximating 24.6 million Rand relating to the strengthening on the Rand, the write-down of investments in African operations of 1.8 Rand and the provision for increased bad debt to 11.