The demand for mechanical parts increased, and Mullins made a profit in the first half of this year
Mullins group, which produces and maintains tobacco and packaging machinery, said that in the first six months ended June 30, the company's basic operating profit reached 2.3 million pounds, while in the same period last year, the company suffered a loss of 100000 pounds. Pre tax profit was £ 200000, compared with a loss of £ 6.5 million in the same period last year
Mullins said that the sales of its main tobacco machinery subsidiary increased from 30.5 million pounds last year to 31million pounds, and the operating profit before excluding restructuring costs was 800000 pounds. BASF's new technology solution installed in the car had previously lost 1million pounds
Mullins said that parts and services accounted for the vast majority of the sales of tobacco machinery subsidiaries, and the demand for parts and services exceeded that of last year. Moreover, due to the decline in costs, profits have also been improved. The company said that the development achieved by the tobacco machinery subsidiary in the first half of the year should be maintained until the second half of the year
however, Mullins said that the packaging machinery subsidiary of the company originally planned to purchase the 70% equity of Pingmei Guoneng held by the controlling shareholder China Pingmei Shenma energy and Chemical Group Co., Ltd. (hereinafter referred to as Pingmei Shenma Group) to expect to obtain some large orders, but these orders were delayed, which would have an adverse impact on the subsidiary's ability to catch up with last year's performance
Peter bylom, chairman of Mullins' board of directors, said: "the performance in the first half of this year is consistent with our expectations. 16. Local size (L × W × H mm）：2100 × one thousand two hundred and sixty × 2000. "
in July 2004, Mullins announced a major restructuring of the tobacco machinery subsidiary. In a new trade information in June this year, it said that the company still received more orders for tobacco machinery parts and services than last year, but the demand orders for original equipment and modified equipment accepted by the company remained weak
Mullins said that orders for new tobacco machinery continued to remain at a low level, while the demand for retrofitted equipment was lower than expected. However, the company is currently negotiating "some strong prospects"
it said that the company's move from the UK to the Czech Republic has made further progress
Mullins said in the performance document: "generally speaking, although the demand for machinery is still low, the subsidiary's emphasis on improving parts and service activities has restored its performance."
in the face of the particularly low demand of the food packaging industry, the sales of packaging machinery fell from 21.1 million pounds last year to 20.8 million pounds, and the operating profit fell from 700000 pounds to 300000 pounds
Mullins said that the company has decided not to pay interim dividends, but the company will consider the proposed plan of year-end dividends based on the annual performance. In the first half of the year, the company's net debt fell to 21.6 million pounds from 27.7 million pounds in the same period last year
source: tobacco industry communication