Cut 36% of its workforce.

Bell Equipment (JSE:BEL), South Africa's biggest maker of dump trucks and forklifts, fell the most in almost five weeks after the company reported a full-year net loss and cut 36% of its workforce.

The stock declined as much as 45c, or 4,2%, to R10,20, the biggest intraday drop since February 4. Bell recovered to close at R11.

Bell posted a full-year net loss of R260 million for the year through December compared with year-earlier net income of R348 million, the company said yesterday.

Last year was "the most challenging year" in Bell's history, it said. It plans to fire more workers this year after cutting 1 148 jobs in 2009 to 2 076 people to reduce overhead costs as sales fell 51% to R2,7 billion, Bell said.

Export sales were 46% of 2008 levels as projects which use earth-moving equipment, such as construction and mining, were delayed globally. Bell confirmed the commitment of supplier John Deere and funders, including South Africa's Industrial Development Corp, and said it is confident it can continue operating.

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