Lonrho Plc (LONR.L) posted fourth-quarter net operating profit of 0.7 million pounds on continuing operations, compared to a loss of 3.0 million pounds in the same period in the prior year.
Net Operating Profit is defined as profit before tax, excluding the share of the results of associates and other movements in the carrying value of associates and investments.
The Group reported an impairment charge of 4.3 million pounds on the carrying value of its investment in Lonrho Mining Ltd., its ASX listed mining associate, due to the fall in its share price from AUD 0.043 to AUD 0.007. After this charge, loss before tax for the quarter was 2.8 million pounds.
Revenue in the final quarter quarter for continuing operations was 46.1 million pounds, up 67% from the same quarter in the prior year. On an adjusted like-for-like basis, revenue was up 30.2%.
Growth has been experienced across each of its operating divisions, the company noted.
David Lenigas, Lonrho's Executive Chairman, commented,
"...Financial performance in the final quarter of the year has been very encouraging and gives confidence moving into 2012. Having completed the Company's strategic investment programme, each operating division is well aligned to service the expansion in demand from the growth in emerging Africa and now has the necessary infrastructure and platforms in place to deliver strong growth and improved margins for 2012 and beyond."
by RTT Staff Writer
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