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The eBearing News
December 10, 2003
Bearing Man Reports First Half 2003 Results
copyright © 2003 eBearing Inc.
Bearing Man Ltd. (South Africa; share code BRM) reported sales and earnings both up sharply during the
first six months of fiscal 2003, including an expansion of the business in Mozambique and South Africa.
First half sales grew to Rand 498.1 million (USD $78.2 million), up 2% from Rand 489 ($76.8 million)
million in 2002. Operating profit was up 11% to Rand 73.2 million, while earnings
("Headline earnings") were up 14% to Rand 39.8 million from Rand 34.8 million in 2002.
The company said, "After the strong performance of the last financial year, the pace of increase has
slowed, mainly as a result of the Rand's strength and the concomitant impact on the economy.
In the announcement of the 2003 year-end results we indicated that we did not anticipate earnings
to reach those of the 2003 year and budgeted accordingly."
Bearing Man is a diversified industrial product distributor, majority-owned by Invicta Holdings
(South Africa). The company imports and distributes ball and roller bearings, belts, seals, power
transmission products, electric motors and fasteners.
The company said the bearing, seal and power transmission operations had lower sales and earnings
in 2003, but did not break them out separately. These lower results were due, they indicated, to
increased price competition without a corresponding increase in volume.
With one out of every three bearings in South Africa coming from Bearing Man, it is the
dominant bearing distributor in the market.
During the first half, Bearing Man opened two new branches -- in South Africa and Mozambique -- increasing
the number of outlets in Southern Africa to 92.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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