Exco Technologies Limited, a Canadian supplier of casting and extrusion technology, has completed the construction of a manufacturing facility strategically situated in Morocco. Commercial production has already commenced, supplying the European market with automotive interior systems and components.
In terms of financial performance, the company's start-up operation in Morocco is expected to grow beyond breakeven by 2003, according to a company press release. Set up within Exco’s Automotive Solutions segment, the Moroccan unit joins existing production facilities in Canada, United States and Mexico, which employ a total of 1,800 workers.
The company reported a sixth consecutive quarter where net income has improved as compared to the prior year quarter. Sales for the fourth quarter, which ended September 30, 2002, were $57.4 million compared to $50.8 million in the prior year quarter, an increase of $6.6 million or 13 percent. Sales for the year were $213.1 million compared to $184.1 million, an increase of $29 million or 16 percent.
Net income for the quarter was $5.3 million or $0.26 per common share. Net income for the year was $17 million or $0.84 per common share as compared to $11 million or $0.55 per common share in the prior year. These results reflect an increase in net income of 38 percent for the quarter and 55 percent for the year as compared to the prior year fiscal periods. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
