COMPANY NEWS IN BRIEF

Caxton revenues hit by advertising Publishing and printing company Caxton reported that pressure on advertising in a constrained environment helped prompt a 12.6% fall in profit to R657 million to end-June, though its cash still picked up, and it kept its dividend steady at 60c. Headline earnings per share rose 4% as well, but earnings per share fell 10%, the latter affected by a profit on disposal in the prior period, compared to a loss for 2024. Tonnage through its commercial printing business fell almost a fifth, however, with Caxton saying that some retailers limited their requirements as their markets continued to feel the effects of restrained consumer spending – this was particularly felt in the home improvement/hardware market segments. Lower operating profit was offset by increased finance income and insurance proceeds. The group's operations are well placed to capitalise on any uptick in consumer spending and the hope that load shedding risks continue to decline, inflationary pressures reduce, and interest rates drop which translate into improved trading conditions, it said. "Should this not materialise, the group is fortunate that its balance sheet remains strong with significant cash balances to deploy should opportunities arise." The group's cash picked up R617 million to about R2.5 billion.-FIN24-MTN throws support behind MupitaAfrica's largest mobile operator MTN said on Friday it has not been able to verify allegations levied against CEO Ralph Mupita of alleged favoritism. Mupita has the full support of the board, it said in a statement and considers the matter closed. The Sunday Times reported earlier this month that an unspecified number of executives threatened to quit after complaining about Mupita allegedly giving preferential treatment to a female executive. The newspaper cited people it didn't identify, with Bloomberg reporting on Thursday that most of the board was backing him. MTN said on Friday it held a special meeting on 4 September to deliberate on a report by an independent law firm, assisted by counsel, which found that there was no evidence of improper conduct as "attempts to engage with the complainant were unsuccessful." "In its deliberations, the board accepted the report finding and is of the view that the matter has been addressed and is now closed. The board further expressed its full support for the group CEO and the MTN strategy."-FIN24-Momentum notes improvement in profitInsurance group Momentum flagged a between 41% to 46% increase in headline earnings per share for its year to end June, and an up to 35% rise in earnings per share. It said its improved performance during was aided by strong profits from life annuities in Momentum Investments, a significant improvement in persistency experience in Metropolitan Life, growth in fee income and underwriting profits in Guardrisk, and a recovery in Momentum Insure's earnings. Normalised earnings found further supported by higher investment income following a favourable interest rate environment. This performance was slightly dampened by fair value losses on its investment in venture capital funds. The increase in earnings per share was lower than the increase in normalised headline earnings per share mainly due to a goodwill impairment recognised in Momentum Investments in respect of the Momentum Global Investment Management business.-FIN24-African Rainbow reports 43% profit hikePatrice Motsepe's African Rainbow Minerals (ARM) reported a 43% annual profit fall to just over R5 billion as commodity prices turned, with the platinum business proving the largest drag on group earnings. The downward platinum price cycle also prompted the miner to place its Merensky reef project at Two Rivers on care and maintenance in July this year, with a project restart only up for consideration when prices recover. Just over R6 billion has already been spent on the over-R7-billion project, which would increase production capacity by 200 000 tonnes a month, with the mine currently milling about 3.5 million tonnes per year. The Merensky concentrator plant construction and the first two mining levels have been completed, and ARM insists longer-term prospects for the project remain robust. It is the controlling shareholder of Two Rivers, which is a joint venture with Impala Platinum.-FIN24-

COMPANY NEWS IN BRIEF

Kommentar

Allgemeine Zeitung 2024-11-22

Bitte melden Sie sich an, um einen Kommentar zu hinterlassen

COMPANY NEWS IN BRIEF

Kommentar

Allgemeine Zeitung 2024-11-22

Bitte melden Sie sich an, um einen Kommentar zu hinterlassen

ANMELDUNG