AECI saw better revenues and profits in its core explosives and speciality chemicals units for the six months ended June, despite poor economic conditions.But overall profit plunged 42%, and headline earnings per share dived 48% from the same period in 2015, on the noncash settlement cost of the company’s post-retirement medical aid subsidy liability for existing employees — estimated at R136m.There was also no windfall from property sales as happened in 2015.Explosives grew revenue 5% to R4.1bn, and operating profit 3.8% to R220m.Speciality chemicals grew revenue 13.4% to nearly R5bn, and profit from operations 7.7% to R573m."Overall, this is a solid set of results, notwithstanding a tough operating environment," Aslam Dalvi, investment analyst at Kagiso Asset Management, said on Tuesday. "Despite continued pressure both locally and globally in the resource sector, the explosives division delivered a credible result," he said.The chemicals business had delivered another good perfor...
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