GBH record loss

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General Beltings Holdings (GBH) has reported an operating loss of $1,6 million for the year ended December 31 2010.

In a statement accompanying the company financial results, GBH said it incurred increased costs in raw materials due to the strengthening of the South African rand.

The improving market situation saw capacity utilisation at the company’s division’s rise to an average of 35% from 25% recorded in 2009.

“Lack of affordable funding as well as pressure from cheap imports held back performance of the rubber division,” the company said.