AG Industries' earnings rise by 45%

Listed glass maker AG Industries dramatically boosted its earnings by firing workers, integrating divisions and changing management at its US subsidiary, it said yesterday.

Annual headline earnings surged 45 percent to R43.7 million from the previous year, while net income soared 64 percent to R34.4 million. Revenue rose 2 percent to R910 million, headline operating profit 29 percent to R84.8 million and cash flow from operations 22 percent to R104.8 million.Chief executive Alex Barrell said improved efficiencies were manifest everywhere.Gearing fell to 28 percent from 42 percent.

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