| Brisbane-based
automotive parts maker CMI Limited today announced a positive start
to the 2003/2004 financial year, with profit after tax for the six months
to 31 December 2003 up 99% to $5.1 million over the corresponding half
last year.
The result represents basic earnings per share of 12.45 cents, up 70%
over the first half of 2002/2003.
CMI reported that continued strong sales of components to Australia’s
automotive industry and several recent acquisitions had helped drive
revenue to $141 million which is 78% higher than the corresponding period
last year.
Directors have increased the interim dividend to 6 cents per share fully
franked for ordinary shareholders, payable on 28 May 2004. Record closing
date for the dividend payment is 17 May 2004.
| |
6
months
to
31/12/03 |
6
months
to
31/12/02 |
Change |
| Total Revenue
|
$141,554,043 |
$79,554,544 |
+78% |
| EBITDA |
$13,050,797 |
$7,716,221 |
+69% |
| Profit before
Tax |
$7,815,171 |
$3,797,209 |
+106% |
| Profit after
Tax |
$5,054,239 |
$2,534,060 |
+99% |
| Basic Earnings
per share |
12.45c |
7.33c |
+70% |
| Dividend
(Fully Franked) |
6.0c |
5.0c |
+20% |
|
|
Executive
chairman, Max Hofmeister, said the buoyant first half performance reflected
the success of the company’s focus on expansion through accelerating
existing business growth and strategic acquisitions in recent years.
Mr Hofmeister said CMI’s existing business units had exceeded
budget in the first half and were responsible for around 22% of the
group’s incremental revenue growth.
“ CMI’s efforts to diversify its sales base outside the
automotive sector through the acquisition of Capitalcorp which was effective
from July 2003, has proved an unqualified success with both sales and
profit tracking ahead of plan,” Mr Hofmeister said.
“Capitalcorp’s national presence, via a network of over
30 offices, opens an entire new financial services market to us and
presents a strategically important growth opportunity for CMI,”
he said.
Further Information
Please Contact:
Max Hofmeister
Chairman
CMI Limited
(07) 3004 8188
|
