AMALGAMATED Regional Trading (Art) posted revenues of $3,609 billion in inflation adjusted terms for the half year to March 31, an increase of 18 percent compared to the prior year.
Overall volumes for the period grew by nine percent, with strong performance from the battery export market and volume recovery in all the paper units.
The historical turnover achieved of $2,957 billion represents an increase of 100 percent from the prior year, reflecting the impact of increased foreign currency sales recorded at the prevailing official market exchange rates.
“The directors would like to advise users to continue to exercise caution in their use of the group’s abridged financial results due to the distortions brought about by the continued existence of multiple exchange rates,” the company said.
Gross margins declined by five percentage points to 34 percent, reflecting the impact of increased export volumes and the general increases in input costs. Overall, margins remained strong as stringent cost control was maintained across the divisions.