During the first half of 2014, RYMCO’s net income plunged by 28.77% year-on-year (y-o-y), to $1.53M. This came as a result of 15.18% surge in cost of goods sold, that exceeded the 8.92% increase in net sales to $78.33M.
Moving to the balance sheet, total assets declined by 4.24% y-o-y to reach $137.56M end of H1, due to the drop in the inventory of cars and spare parts and of property and equipment (net of depreciation) by 24.66% and 1.08% to $40.31M and $17.05M, respectively. Notes and accounts receivable, however, inched up slightly from $47.18M end of June 2013 to $47.47M end of June 2014.
On the liabilities side, notes payable fell by 16.73% from H1 2013, to reach $42.98M end of H1 2014, while overdrafts grew by 5.05% to $23.66M.
Shareholders’ equity dropped by 6.70% y-o-y to $49.88M, caused by the 2.71% decrease in retained earnings to $30.69M.
RYMCO Financials end of H1
| H1-14 | H1-13 | % Change | |
| Net Income | 1.53 | 2.15 | -28.77% |
| Net Sales | 78.33 | 71.91 | 8.92% |
| Total Assets | 137.56 | 143.65 | -4.24% |
| Shareholders’ Equity | 49.88 | 53.46 | -6.70% |
Source: Company Data, BLOMINVEST Research Department