RYMCO Posts Net Income of $$1.53M end of H1

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

H1-14H1-13% Change
Net Income1.532.15-28.77%
Net Sales78.3371.918.92%
Total Assets137.56143.65-4.24%
Shareholders’ Equity49.8853.46-6.70%

Source: Company Data, BLOMINVEST Research Department

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