Business / Companies
Radar count on private home developers for growth
12 Mar 2015 at 06:47hrs | Views
RADAR Holdings Limited is banking on private home developers to increase business volumes as demand remained subdued.
The company said sales were mainly driven by private home developers which accounted for 75% of the volumes.
In a statement accompanying the group's financial results for the year ending December 31 released Thursday, the firm said revenue under the period declined 18% from prior year to $3.7m on the back of a 13% decline in sales volumes and softening prices at Macdonald Bricks.
"The business environment is expected to continue to encounter challenges; however the second half of the year ordinarily performs better than the first half.
"Brick sales will continue to be driven by private home developers and marketing efforts will be directed towards the same in an effort to increase volumes," the firm said.
Production was 2% above same period last year. Production would have been higher had operations at Willsgrove plant not been deliberately scaled down in the second quarter to match demand, it said.
'Both plants continued to experience power outages. A total of 190 production hours were lost compared to 263 hours in the same period last year.'
Sales volumes was down 13% compared to same period prior year and demand remained subdued as all major projects continued to receive erratic funding.
The firm said borrowings declined from $6.8 million to $6.3 million accompanied by slight improvement in the current ratio as the group continues to explore options to restructure and reduce short term borrowings.
The company said sales were mainly driven by private home developers which accounted for 75% of the volumes.
In a statement accompanying the group's financial results for the year ending December 31 released Thursday, the firm said revenue under the period declined 18% from prior year to $3.7m on the back of a 13% decline in sales volumes and softening prices at Macdonald Bricks.
"The business environment is expected to continue to encounter challenges; however the second half of the year ordinarily performs better than the first half.
Production was 2% above same period last year. Production would have been higher had operations at Willsgrove plant not been deliberately scaled down in the second quarter to match demand, it said.
'Both plants continued to experience power outages. A total of 190 production hours were lost compared to 263 hours in the same period last year.'
Sales volumes was down 13% compared to same period prior year and demand remained subdued as all major projects continued to receive erratic funding.
The firm said borrowings declined from $6.8 million to $6.3 million accompanied by slight improvement in the current ratio as the group continues to explore options to restructure and reduce short term borrowings.
Source - Byo24News
