Aluminium and glass sales still slow

Date: 12 October 2010
Source: Businessday.co.za

Date: 12 October 2010

Major shareholder Castellas Investments is doing a review of the group that is expected to be completed next month, in light of a possible need for additional capital.

ALUMINIUM and glass housing product maker AG Industries said yesterday its loss had narrowed to R209m for the year to June compared with the R297m loss to shareholders the previous year.

Major shareholder Castellas Investments is doing a review of the group that is expected to be completed next month, in light of a possible need for additional capital.

Sales revenue has been under pressure since January last year as there has been no recovery in the building industry. The share price fell by 1c to 4c a share on the JSE yesterday. Revenue from continuing operations fell 14% to R652m for the year to June.

Gross profit percentages fell 8%, of which three percentage points were ascribed to a provision against stock, while the remain der was due to market pressures on margins and under-recoveries in factories due to lower production , directors said in a statement yesterday.

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