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S.A.L. Limited Reports Half Year Earnings for the Period Ending 31 August, 2005
HAMILTON, Bermuda: 11th October 2005 - S.A.L. today reported six-month earnings for the period ending 31 August 2005:
In his report to shareholders, Mr. John R. Berg, President of the Company, noted the following:
"In the first half of fiscal 2006, your company has again responded to the ever-increasing needs of the construction sector. This resulted in sales revenue of $ 15.099 million (2005 - $ 13.578 million) and a net operating income of $2.701 million (2005 - $ 2.636 million), an improvement of 2.5% in net income over the corresponding period in fiscal 2005. That said, an increase in general & administrative expenses of $120,000 over the corresponding period reduced the net operating income to $ 1.819 million (2005 - $ 1.874 million) a deterioration of 2.9 %.
I am pleased to report that the concrete block factory came on stream, as per schedule, in Mid June. The vastly increased production quickly removed any shortfall in the concrete block market. It is anticipated that this factory will now enable the company to satisfy a greater portion of the construction sector's needs.
In reviewing the company's performance is important to report that all divisions of the company contributed to the success that we have enjoyed over the past six months. For the next six months we have already been successful in gaining significant new projects, and coupled with the completion of the present works in progress we can look forward to yet another successful trading period.
It is once again my pleasure to thank our loyal customers for giving us this opportunity to partner them in their business needs. To our staff, I extend a thank you on behalf of the shareholders, for the effort and performance displayed throughout this period.
Signed by:
John R. Berg
President