The group expects headline earnings per share for its six months to end-June to fall at least 80%
Bell Equipment, the listed manufacturer and distributor of heavy industrial equipment, says it has generated positive cash flow during the first half of 2020, but expects a sharp drop in profits as Covid-19 batters SA’s economy.
Headline earnings per share, a widely used profit measure that strips out exceptional items, is expected to fall at least 80% in the six months to end-June due to weak economic conditions, particularly in SA, the group said in a trading update. Measures taken by various governments to curb the spread of the coronavirus has weighed on production and sales, the group said, with management focused on reducing costs.
“The company has generated positive cash flow during the six-month period, mainly due to a more conservative outlook on sales, lower production volumes and reducing inventory in line with market demand,” the update read. In morning trade on Wednesday, Bell Equipment’s share was unchanged at R5.49, giving it a market capitalisation of R545m. The group’s share has fallen about 40% so far in 2020.
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