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Business News of Friday, 7 February 2020

Source: Class FM

Listed firms release 2019 Financials, Aluworks reduces losses, Guinness registers profit

Aluminium smelter, Aluworks, reduced its perennial losses signaling better times ahead, its 2019 Unaudited Financial Statement has revealed.

The company which has been complaining of unfair trading practices by some Chinese firms lately recorded a loss of GHS28 million for full year 2019, as against a loss of GHS33 million in 2018.

This is due to an improve sales of GHS76 million in 2019, from a GHS62 million position realised in the previous years.

At the same time, general and administrative expenses also declined by GHS2.1 million from the 2018 figure of GHS10.9 million.

Shareholders of the company are expected to welcome this development though they have not received any dividend for some years now.

In a related development, beverage giant, Guinness Ghana Breweries Limited posted a 31% profit for the half year 2019.

The company which has a different calender recorded a profit of GHS9.2 million as against GHS7 million in 2018.

This became possible because it increased its sales by almost GHS60 million to GHS396 million last year.

With this performance, investors are expected to get an increase in the firm’s earnings per share.

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