HUDACO Industries — which on Friday reported a rebound for its financial year ended-November from the previous year when it was knocked by a R312m tax settlement — said it was "very concerned" about the South African economy, blaming low prices for minerals commodities exports and poor state policy choices.Despite the adverse business conditions, the distributor of branded automotive, industrial and electrical consumables into Southern Africa saw comparable earnings shoot up 19%, turnover jump 17% and operating profit soar by 23%."The results, which we consider excellent, were achieved under the most challenging circumstances as 2015 has been another particularly difficult year for the mining, manufacturing and agricultural sectors in SA," CE Graham Dunford said.Hudaco has taken legal action against its advisers on an empowerment transaction to recover hundreds of millions of rand it claims to have lost through intentional misrepresentation. It claims negligence on the part of Bravu...
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