And News:
05/15 4:16P (DJ) =DJ A.C.L.N. Ltd Reports 1Q Profits Up 57%, Revenue Doubles
By Pat Maio
Of DOW JONES NEWSWIRES
LOS ANGELES (Dow Jones)--A.C.L.N. Ltd. (ACLNF), which is riding a boom trend
in the sale of used and new cars in northern and western Africa, said Tuesday
that first-quarter profit rose 57% on a doubling of revenue.
The Nicosia, Cyprus, company received a jolt in business due to rising
demand in oil-rich Nigeria, where wealth is increasing among its population of
60 million, said Aldo Labiad, chief executive of A.C.L.N., in an interview
with Dow Jones Newswires.
"Nigeria didn't buy cars over the past five or six years because of problems
with the government," Labiad said.
Demand surged when a new government swept into power in recent years,
drilling for oil offshore picked up, and import restrictions on shipping were
eased, Labiad said.
A.C.L.N. shipped 5,000 to 6,000 cars from Europe to Nigeria in first
quarter, which is about how many the company shipped to the country during all
of 2000, Labiad said. A total of 36,430 cars were shipped in the first
quarter.
In the quarter ended March 31, A.C.L.N. said net income rose to $13.7
million, or 93 cents per diluted share, on revenue of $63.2 million. This
compares with net income of $8.7 million, or 62 cents a share, on revenue of
$28.6 million in the year-ago period.
A.C.L.N buys new and used cars in Europe and ships them mainly out of the
Antwerp, Belgium, port to 14 ports. There are plans for A.C.L.N. to enter the
U.S. market once the dollar and the euro reach parity, said Christian Payne,
the company's chief financial officer, who runs financial operations from
Santa Monica, Calif.
Shares of A.C.L.N. recently traded at $28.98, down 52 cents, or 1.8%, on
volume of 69,600, compared with average daily volume of 36,400.
-Pat Maio, Dow Jones Newswires; 323-658-3776
(END) DOW JONES NEWS 05-15-01
04:16 PM
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