Frans Maas reports net profit of 5.7 million euros

European forwarding and logistics group Frans Maas recorded turnover of 516 million euro in the first half of 2002, a fractionally higher figure than in the same period of 2001. (8/30/2002)

The gross margin remained stable at last year’s level. As expected, the operating profit (at 12.4 million euros) was lower than in the first half of 2001, the level of decrease being 30 per cent.

Partly as a result of an increase in the working capital, net financial charges rose to 3.2 million euro (compared with 2.5 million in 2001). There was a 39 per cent tax burden.

Net profit came to 5.7 million, a 45 per cent decline compared with the same period last year. Earnings per share fell from 1.81 to 0.97 euro. There was no change in the number of shares in issue.

Cash flow from operational activities amounted to 16.5 million (2001: 20.5 million), on 2.2 million worth of net investments in fixed assets. The solvency ratio was over 24 per cent.

Comparison with second half of 2001: Compared with the second half of 2001, turnover rose by 5.8 per cent in market conditions that were virtually identical to last year’s. Combined with the positive impact of the measures taken at the end of 2001 to sustain the gross margin and reduce fixed costs, the result was that the operating profit almost doubled. There was a rise of 3.8 million in the net profit in comparison with the second half of 2001.

Outlook: The profit for the coming six months will be up on that recorded in the second half of 2001.