Bricks and coal group Brikor, which only regained its JSE listing in July after a seven-year suspension, says it is focusing on expansion and improving its black empowerment credentials as its financial position improves.
Revenue fell 23.1% to R127.8m in the six months to end-August, with revenue in the group’s brick business falling 34% to R58.7m That business generated no sales during April, and had limited sales from essential services customers during May.Revenue from its coal segment fell only 10.2% to R69.1m, and was able to operate at 50% capacity during the intial lockdown period, and at 100% from May 1.
Loans from shareholders stood at R8.5m at the end of August, from R16m at the end of the prior comparative period. At the end of February 2013, the group’s liabilities of some R184m were more than twice its assets, while the group had also been embroiled in a legal dispute with its financier, RMB, over the issue of financial covenant breaches.
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