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Freeworld Coatings, which was recently taken over by Japanese group Kansai Paints, has reported a drop in earnings for the half-year ended March 31, 2011, but the group is reported to be confident of its positioning for an economic upturn.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 32% y-on-y to R152M (US$22M) as it included the R20M (US$2.9M) cost of the Kansai transaction.
Cash generated from the company’s operations fell by 47% to R68M (US$9.9M,) to the lower Ebitda and an increased investment in working capital. Newly appointed Nauman Malik, CEO, Freeworld said that with Freeworld Coatings now being part of Kansai, it would be able to access new technologies and markets
