Security barrier manufacturer Trellidor reported a collapse in earnings on Tuesday, with profit falling nearly 98% in the six months ended December, even as the group reduced its debt levels.
Trellidor said HEPS from total operations dropped to 0.6c from 29.6c a year ago. Revenue from total operations declined 47.1% to R161.1m, while revenue from continuing operations fell 21.3%.
Despite the earnings drop, the group reduced net debt by R38.6m to R46.7m, which helped cut net interest paid to R4.1m from R7.9m before.
The group said comparative figures were restated after the disposal of Taylor and NMC in line with accounting rules for discontinued operations.
The group withheld an interim dividend, saying it intends to resume payouts only once revenue and margins improve and the business generates sustainable cash flow.
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