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Group revenue declined by 10% to R42,2-billion from over R46-billion in 2008, despite being 6% higher at the half-year stage. Net profit fell to R739-million from R1,2-billion in 2008.
However, prospects in Iberia, where the construction equipment industry had shrunk by 70% in 2009, remained poor, with only 2 800 construction machines likely to be sold in Spain in 2009.
The group remained bullish about coal-related demand, while Thomson saw iron-ore remaining relatively “resilient”.
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“We do see further declines into the first half of 2010,” Thomson said, noting that the order backlog had been whittled away.
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He also noted, though, that the group’s mining order book for its key equipment unit, whose operating profit fell by 37% to R1,3-billion in 2009, was considerably lower than it had been a year ago.
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“So, there is some artificiality to the movement in the order books,” Thomson avers, adding that it was likely that many mining projects were back in the money at current commodity-price levels.
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