Spar posts slight profit growth

Spar Group said net revenues for the second quarter went up to $12.9 million compared with $12.8 million it posted for the same period last year. The group attributed the growth to a rise in overseas sales which rose to $5.1 million ($3.6 million in 2005), reflecting the company's new joint venture operations in Australia and Lithuania.

For the first half of this year, Spar said net revenues reached $28.8 million from $27.3 million posted in the same period in 2005. “Business conditions in our domestic markets remain challenging, but we are pleased with the continued growth and progress of our international division,” said Robert Brown, SPAR Group's chairman and chief executive officer. “We established a joint venture operation in Australia that already is contributing to the division's growth. Our immediate objective is to continue to position the company for the long-term, while closely monitoring costs.” Spar’s US revenues for the second quarter amounted to $7.9 million, compared with $9.2 million in 2005.