Transpaco's diluted earnings up 2.8% in 2012

However‚ its headline earnings per share decreased by 3.9 cents to 205.6 cents from the previous corresponding period.

"A number of factors combined to create a difficult environment‚" Transpaco said in a JSE Sens statement.

"The economy remained sluggish‚ constraining overall growth. In addition margins were pressured by spiralling energy costs‚ intensified competition from local and international manufacturers‚ and aggressive local raw material prices - requiring the group to develop alternative sources of supply.

"Further‚ an industry-wide strike during July and August 2011 adversely affected the market well into the second half of the year."

Transpaco increased its revenue to R1.04bn from 2011's R908m.

"Nonetheless Transpaco achieved turnover in excess of the R1bn mark for the first time‚ attributable in the main to the group's proactive marketing and sales performance.

"Transpaco's solid performance was strengthened by controlled operating efficiencies and stringent management of operating expenses‚ supported by a reduction in net interest paid‚" it said.

Transpaco declared a final dividend of 49 cents per share for the period under review.

"This resulted in total dividends of 80 cents per share for the year‚" it said.