York interim results December 2018
Revenue for the interim period lowered to R800.2 million (2017: R899.4 million), gross profit dropped to R191.5 million (2017: R303.4 million) and loss for the period was recorded at R64.8 million (2017: profit of R83.8 million). Furthermore, headline loss per share came to 20 cents per share (2017: headline earnings of 27 cents per share).
York continues to focus on cash generation through cost-efficiencies and optimisation of its supply chain. York is in the process of selling an outlier plantation and is furthermore awaiting final payment from SASRIA in respect of Jessievale's burnt warehouse. York has commenced with the following:
*Restructuring of poor performing divisions; and
*Aligning the Human Resources Division with the operations to effectively and speedily address employees' matters.
In the absence of a significant improvement in economic growth, the South African market will most likely remain subdued. The lumber demand for the major product category that York produces remains firm and the export of plywood will continue contributing towards earnings