HomeNewsCafca posts $1,29m profit

Cafca posts $1,29m profit


Cable manufacturing unit, Cafca, posted a profit after tax of $1,29 million for the nine months period ended September 30 2011.

Basic earnings per share went up to 4 cents from 3,8 cents.

“Profit after tax for the nine- month period and earnings per share were 3% and 5% up respectively on the corresponding twelve-month period,” the group said.

Cafca said turnover went up by 13% to $18,5 million for the nine-months period from $16 million in the year ended December 31 2010.

Operating profit stood at $2 million in the period under review while finance charges were at $170 776 due to increased borrowings to finance debtors and raw materials.

“We intend to maintain borrowings below the current usage until such time as the current uncertainty in the economy improves. Due to uncertainty in the environment, we are forecasting to at least maintain current throughput for the next twelve months with any downturn in demand being replaced with recycling copper barter deals,” the company said.

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