Business News of 2014-06-25

Mechanical Lloyd records losses for 2013

Mechanical Lloyd Company Limited (MLCL) has recorded a loss of GHC1,027,171 for the year 2013.

The loss, which is the first to be recorded, has been attributed to the performance of the economy in 2013 which greatly affected the company’s growth and sales.

Mechanical Lloyd is engaged in the distribution and marketing of motor vehicles and farm machinery and repair, servicing and maintenance.

The Board Chairman of the MLCL, Mr Charles Bartels Kwesi Zwennes, who made this remark at the 22nd annual general meeting of the company held in Accra, told shareholders that the company achieved a turnover of GH¢38.41 million which was 18.19 per cent below GH¢46.95 million recorded in 2012.

“The general business environment in 2013 was extremely harsh and Mechanical Lloyd experienced the most challenging times in the company’s history,” he said. Sale of vehicles

Making an analysis of the performance of the Ford and BMW vehicles, Mr Zwennes said the whole goods sales for Ford in 2013 achieved only 53 per cent of the sales recorded for 2012, adding, “these low sales resulted in a build-up of stock with its attendant costs”.

He said the BMW achieved 74 per cent of its target in 2012 but indicated that the company attained a 40 per cent increase over the 2012 record.

Touching on the after-sales growth of the company, Mr Zwennes said the branch in Takoradi would soon be launched and announced that the company had successfully recruited its first set of staff for the branch.

Mr Zwennes said technicians for both the Ford and BMW vehicles had participated in several training programmes at the company’s state-of-the-art BMW Regional Training Centre in Accra.

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