Lebanon's RYMCO Posts 66% drop in 2003 profits
Lebanese auto retailer Rasamny Younes Motor Company (RYMCO) reported a 66.1 percent drop in net profits for 2003 to $1.2 million.
According to Blominvest, RYMCO's sales revenue grew by 4.1 percent to $59.4 million, while cost of good sold increased by 7.2 percent year-on-year to $52.7 million. As a result, the firm’s gross profit margin dropped from 6.4 percent in 2002 to 2.1 percent in 2003, while its return on assets dropped from 4.7 percent to 1.4 percent during the same period.
RYMCO has an automotive dealership arrangement with auto manufacturers from the US, Japan, Europe and China. It operates a chain of independent showrooms and stores, a bounded warehouse, and servicing and maintenance facilities. The most significant brand names represented by RYMCO include GM vehicles and Nissan Motors. — (menareport.com)
© 2004 Mena Report (www.menareport.com)