PPC Group reported on Wednesday that its half-year net profit fell by more than two-thirds as a result of higher finance costs and weaker currencies in African countries where it has operations. The results are compared with the last reporting period, which was in March 2016 due to the company changing its financial year-end. Net profit in the six months to September slid 83% to R58m as finance costs jumped 54% after note-holders requested early settlement to the tune of R1.611bn. The cement producer also suffered foreign exchange losses of R87m, the bulk of which relate to unfavourable currency movements against the US dollar in the Democratic Republic of Congo and Rwanda.
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.