CAC2000 the air condition engineering company, reported improved profits for the year to October 2017, after accounting for a provision of $104 million for court judgement claim in the 2016 results.
Profit excluding the amount of the claim fell slightly to $100.5 million in 2017 from $115 million in 2016. Revenues rose 19 percent to $1.2 billion. The situation would have been worse but for a $20 million swing around in bad debts which reduced cost in 2017 by $9.8 million compared to cost of a similar amount in 2016.. Operating cash flows before movements in working capital brought in $121 million up from $49 million in 2016.
Even as revenues climbed strongly, gross profit hardly moved rising to $424 million from $410 million in 2016 as direct cost rose faster than revenues with an increase of 29.5 percent to $786 million.
Directors’ remuneration climbed 25 percent to $41.2 million from $32.5 million, well ahead of the 5 percent increase in staff cost to $116.3 million for the year. Legal and professional fees jumped 47 percent, to $33 million.
Earnings per share ended the year at 78 cents, the stock traded at $7.50 on Friday, before the close of the market. Borrowings ended the fiscal year at $260 million up from $165 million at the end of the 2016 fiscal year, shareholders’ equity rose to $423 million from $322 million in 2016. Cash funds stands at $192 million even as trade receivables climbed $180 million to $536 million but inventories fell $80 million to $209 million.
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