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Barloworld operating profits up 50%

By BFN News | 08:52 AM | Monday 21 May, 2012

Barloworld's operating profits rose 50% to R1282m in the six months to the end of March. Revenues were up 19% at R28.1bn and profits before exceptional items increased 84% to R829m. The interim dividend of 80c per share is up 60% on last time. Chief executive Clive Thomson said: "The financial performance for the six months showed a pleasing trend with operating profits up 50% and headline earnings per share increasing by 70% over the first half of last year. "We expect the second half to show strong activity levels primarily driven by significant mining equipment deliveries in southern Africa and Russia. "Automotive and logistics will continue to perform well. "The acquisition of the Bucyrus distribution businesses in certain of our southern African Caterpillar dealership territories is currently expected to close early in the fourth quarter of our financial year. "While recognising the uncertainties created by the economic challenges in the Eurozone, overall we expect to build on the good progress we have seen in the first six months and deliver a strong result for the 2012 financial year." Story provided by