Orpak Systems: encouraging results
Orpak, the provider of card-free secure fuel payment systems based can out with third quarter and nine month results for the period ending 30th September 2009.
Revenue for the 9 months was US$43.7m (2008: $52.4m) but net profit was up 46% to US$6.2m (2008: $4.2m) and fully diluted earnings per share US$0.19 (2008: $0.13). The group’s cost cutting plan appears to have delivered! During the period they finalised the equipment of 570 BP stations in Turkey with automation and fuel payment systems based on vehicle identification, and began to deliver the first batch of 40,000 vehicle identification units out of an anticipated total of approximately 65,000 vehicles They also received US$1m from delivering on their contract with Gilbarco Inc. to equip new fleet management systems of…