Consol Ltd., the South African packaging and rubber subsidiary of Anglovaal Industries Ltd., has said that full-year earnings were expected to match the growth seen in the first half to 31 December 19…
Consol Ltd., the South African packaging and rubber subsidiary of Anglovaal Industries Ltd., has said that full-year earnings were expected to match the growth seen in the first half to 31 December 1995. Group managing director Piet Neethling said glass and paper earnings would also grow, though profits could increase at a rate slightly lower than in the first half. The group posted a 16% increase in turnover and a 22% increase in operating profit for the half-year to 31 December, while earnings increased by 19%. Consol chairman Jan Robbertze said packaging turnover increased by 25% and operating profit by 40% on strong volume demand for wine, soft drink and beer glass bottles, corrugated boxes and beer bottle labels. “The profit performance of the glass packaging business benefitted from increased volumes but short-term profit was affected by less than optimum manufacturing performance levels,” he said. Shortcomings were being addressed by a variety of capital expenditure projects designed to ensure global competitiveness.