EQSTRA on Friday reported a net loss of R2.25bn in the year to June, due in part to leasing asset impairments of R809m in its contract mining and plant rental division. The small-cap company, which will merge with industrial group ENX, said the division also had R809m of impaired assets classified as assets held for sale as at the end of June 2016. "The Benga contract in Mozambique concluded in December 2015 and assets were impaired to expected sale values. Negotiations with various parties are ongoing to sell these assets," the company said in a statement. Pretax profit in the industrial equipment division declined 27.6% to R131m due to a foreign exchange loss of R37m, while pretax profit in the fleet management and logistics unit rose 9.9% to R188m. The latter division sold its commodities business during the year and closed operations in Nigeria.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.