Linamar nine-month net profit rises 69% yr/yr
Friday, November 11, 2005, 11:27
Farm machine and car parts maker Linamar's nine-month profits rose 69 % yr/yr to
Ft 1.013 bln in Q1-Q3 2005, mainly because of improved operating profits, the company said in its nine-month report published on Friday. Operating profits shot up 186.9% yr/yr to Ft 1.152 bln in January-September. Revenue rose 16.1% to Ft 18.388 bln during the period. Revenue of Linamar's automotive component and precision machining division rose 1.6% to Ft 11.47 bln, and revenue of the agricultural equipment and general machinery division rose 52.2% to Ft 6.91bln. Export sales rose 15% to Ft 15.8bln, and domestic sales increased 23% to Ft 2.63bln. Linamar had exchange rate gains of Ft 102 million in Q1-Q3 2005, compared to Ft 204 million in the same period a year earlier. Tangible assets fell 11.8% to Ft 9.512 bln, because Linamar made fewer investments at its car parts division. Receivables rose 13.8% to Ft 5.125 bln, at a slower rate than the increase in revenue. Liabilities rose 13.5% to Ft 2.3 bln. Linamar's stock of loans fell 40% to Ft 3.77 bln. The stock of short-term loans fell 69.7% to Ft 853 million, because of the drop in investments and rising profits. The stock of long-term loans increased 6.5% to Ft 2.13 bln, and, within this, the stock due within a year fell 47.5% to Ft 787 million. Linamar had net assets of Ft 12.3 bln at the end of September, up 8.4 % in twelve months.