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General Beltings narrows loss

General Beltings Holdings narrowed its net loss for the six months to June by nearly a third to $254 230 from $360 380 in the prior comparable period chiefly due to lower operating expenses.

Revenue increased by 24 percent to $2 million from $1.6 million previously.

Cash generated from operations declined from $190 404 in the prior comparable period to $59 178.

Operating expenses fell by 6 percent from $844 390 previously to $795 307.

Gross profit increased by 14 percent to $535 000 from $469 000 reported in the same period last year.

Finance costs were up by 11 percent to $81 328 from $73 276 due to improved market penetration, he added.

Total assets declined from $9.9 million to $9.3 million.

The company current liabilities exceeded current assets at $10 million compared to $9.1 million.

The group did not declare a dividend. – The Source


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