Listed forklift and heavy equipment manufacturer Bell Equipment will cut more jobs this year, the company said last week after releasing its results for the year ended 31 December 2009.

Describing last year as the toughest and most challenging in its history, Bell made a loss of ZAR272 million (USD36.9 million), despite "aggressive steps to curb losses".

The company reports that it is starting to see a "slow up-turn" in sales this year but "it is still too early to be certain of its sustainability" and the availability of finances provides challenges.

"We are extremely unhappy to report that we have said farewell to 1,148 Bell employees during the year under review, but this was necessary in order to ensure the group's sustainability," the company said.

"As we continue to right-size, we will further reduce our workforce in 2010 but hopefully this effect will be countered by re-employment of certain manufacturing employees as production increases the demand for personnel," it said.

Major shareholder and the group's largest creditor, John Deere, continues to provide assistance to account settlement for machines and kits it supplied. The Department of Trade and Industries has retrospectively readmitted Bell to the Motor Industry Development program, meaning additional cash inflow to the group in 2010. Bell has also applied to the Industrial Development Corporation for additional long-term financing of ZAR300 million (USD40.8 million).