Clothing retailers suffering in tough economy – Business Day
Mr Price Group reported a drop in headline earnings for the first time in 16 years. In the year to April 1 2017, Mr Price reported a fall of 10.4% in diluted headline earnings per share to 887.9c. Retail sales eased 0.5%, while comparable store sales fell 3.6% to R18.6 billion. Simon Anderssen comments. view article
Africa makes winning case for Steinhoff – Business Day
Steinhoff’s African and East European assets outperformed the group’s operations elsewhere. In the six months to March 2017, the African business increased its total revenue 25% to €522 million. On a like-for-like basis, African revenue increased 4%, a good showing when compared with other domestically listed retailers. Dirk van Vlaanderen comments. view article
Clover drops after earnings warning – Business Day
Investors skimmed 7% off Clover’s share price in intraday trade on 29 May after the dairy products group said that it expected to report a drop of as much as 65% in full-year headline earnings. Clover said that the drought and currency fluctuations had resulted in above-inflation input costs, which it had been unable to […]
Regulatory hurdles put Mediclinic on watch- Moneyweb
Middle East regulatory issues led to a disappointing performance in private healthcare group Mediclinic’s annual results. The Middle East saw revenue grow 72% to $846.4 million for the year ended March 31. Aslam Dalvi comments. view article
Imperial looking to expand an empire – Financial Mail
Logistics and vehicle group Imperial Holdings is driving hard towards doubling profit from its rest-of-Africa operations. It is seeking to rely less on a shaky SA trading environment, where 59% of group revenue and 64% of operating profit were generated in the interim period to December 2016. Meyrick Barker comments. view article
Astral Foods sees pain from new brine regulations – Moneyweb
South Africa’s largest poultry producer, Astral Foods, saw poultry sales volumes decline by 10.5% for the six months to March 31. Its group operating profit declined by 50.6% to R212 million on the back of a flat 0.5% revenue growth to R5.7 billion. Dirk van Vlaanderen comments. view article
Umongo fills gap in Omnia's range – Business Day
Omnia is buying 90% of Umongo Petroleum for R780m, adding new product lines and geographies to expand the diversified chemicals group. The deal, which still has to be given the green light by SA’s competition authorities, will add 6% to Omnia’s overall annual turnover of about R16 billion. Aslam Dalvi comments. view article
Market punishes Pioneer Foods – Business Day
In the six months to end March 2017, Pioneer Foods reported a 47% drop in first-half adjusted headline earnings to R470m. Adjusted operating profit declined from 12% to 7%. Dirk van Vlaanderen comments. view article
Sasol lowers synfuels sales forecast in update – Business Day
Chemical conglomerate Sasol has revised its synfuel sales forecast for the year to June down to 60-million barrels from 61-million barrels in financial 2016, in a nine-month update to the end of March. Abdul Davids comments. view article
A breath of fresh air for Mediclinic – Moneyweb
Mediclinic’s share price has fallen 36% in just over year, with the healthcare group facing regulatory headwinds which has constrained earnings and profits in some of its most lucrative and fastest growing markets. A recent Zurich regulatory ruling has offers positive news for the Swiss market outlook. Aslam Dalvi comments. view article