Dowlais Group plc (DWLAF), an automotive parts maker, Tuesday reported loss before tax of 123 million pounds for the first half, wider than 55 million pounds loss in the same period last year, primarily on lower revenue.
Excluding one-time items, the company posted adjusted profit before tax of 95 million pounds, down from 139 million pounds a year ago.
Operating loss increased to 57 million pounds from 40 million pounds last year.
Adjusted operating profit was 151 million pounds, down from 177 million pounds a year ago.
Net loss was 101 million pounds or 7.3p per share, wider than 85 million pounds or 6.1p per share loss last year.
On adjusted basis, net profit decreased to 68 million pounds or 4.9p per share from 100 million pounds or 7.2p per share a year ago.
Revenue for the period declined 10 percent to 2.289 billion pounds from 2.552 billion pounds in the previous year.
Adjusted revenue was 2.571 billion pounds, 9.2 percent down from 2.830 billion pounds last year.
The Board has declared an interim dividend of 1.4 pence per share, to be paid on October 4 to shareholders on the register on August 30.
Looking ahead, the company expects a mid to high single-digit adjusted revenue decline for 2024.
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