TSL profit up

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TSL Limited profit rose to $6,8 million for the year ended October 31, 2013 driven by new initiatives that the group embarked on during the period under review.

By Business Reporter

The group’s profit stood at $4,9 million during the same period in 2012. In a statement accompanying its financial results, TSL said earnings per share increased by 21% to 1,78 cents per share.

“Group performance has continued to be strong with revenue growth of 27%. Profit from operations was 43% up in the previous year as the impact of new initiatives and the sustainable operating cost base yield results,” the group said.

The group’s revenue went up to $40,5 million during the period under review from $31,9 million prior year.

The group’s cash position closed the year below the previous year’s, reflecting the working capital requirements of the group. Gearing increased to 21% of shareholders funds during the period under review.

The company’s operations that include Avis Car Rental Services, Tobacco Sales Floor, Propak Hessian, TSL Classic Leaf, Agricura and TSL Properties recorded profit in the full year period. While Bak Logistics recorded a flat revenue compared to the previous year and profit declined during the period under review.

TSL Properties is targeting a third party tenancy of 50% from the current 25%. The group said the repairs and maintenance that were undertaken this year have seen an increase in the value of property portfolio with a value gain of $3,3 million. The company said the increase in tobacco output this year will impact on tobacco-related and logistics businesses.

“The acquisition of Premier Forklift should improve the quality and range of handling services offered to clients and introduce new revenue streams. “The expansion of our real estate capacity continues, with 9 000 square metres of new warehousing units to be commissioned during the first half of 2014,” reads part of the company’s statement.

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