DOUGLAS ORANE, Chairman of Hardware and Lumber Limited has announced the financial results for the nine-month period ended 30th September 2003. The Company recorded net profits of $40.2 million compared to $37.9 million for the comparative period in 2002.
Sales for the review period were $1.3 billion compared to $1.16 billion for 2002.
The Retail Division continued to produce good results with a sales increase of 19 per cent over 2002. Gross profit margins have also improved substantially over the prior year and particularly in the Home Improvement sector of the business.
The wholesale hardware exceeded the prior year's sales by 20 per cent . However, intense competition in the trade continues to adversely impact gross profit margins.
The Agriculture, Marine and Office Services Divisions produced marginal results due to depressed market conditions.
The Company signed an exchange of share agreement with Grace, Kennedy & Company Ltd. on 4th September 2003 to purchase Rapid & Sheffield Company Ltd. and Agro-Grace Ltd. through the issue of 27,368,421 new ordinary Hardware & Lumber shares.
