Barloworld reports first half profit

Industrial group Barloworld grew its revenue by 11 percent to R31.3 million in the six months to March, the South African head-quartered multinational firm has reported.

Operating profit rose 14 percent to R1.5 billion, while profits before exceptional items was up 20 percent to R995 million.

CEO Clive Thomson (pictured) said there were "good performances" across many parts of the group.

Barloworld's operations are split into three divisions – Barloworld Equipment, Barloworld Automotive and Logistics, and Barloworld Handling.

"It has been a very good performance for the group in the six months to March 2013," he said. "These strong results have enabled us to raise our interim dividend by 20 percent."

A highlight of the six months was the performance of Bucyrus, he said.

"The Bucyrus operations have already met expectations in the period. They actually offset revenue declines in the traditional Caterpillar business on the back of a slowdown in mining capital expenditure."

Caterpillar bought mining and machinery group Bucyrus in 2011.

Barloworld is the biggest dealer of Caterpillar earth-moving equipment in southern Africa. It holds the rights to Cat's Bucyrus business - whose products include trucks and loaders used in mining - in South Africa, Botswana and Russia.

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