CEMENT MAKER
PPC sees profit rocketing amid strong cash flow
PPC says it expects net profit attributable to shareholders to skyrocket by as much as 200% in the six months ended September 2017. Group earnings before interest, tax, depreciation and amortisation (ebitda) are expected to rise 3%-6 % compared with the same period a year ago amid a looming bidding war for the cement maker’s assets. "Ebitda has been negatively impacted by costs related to corporate action, legal costs and exchange rate fluctuations," the group said in a trading update on Tuesday. It said excluding "these impacts" ebitda would have risen a further 5%-10%. PPC said net debt levels remained in line with the operating update released in September and it remained adequately capitalised to meet its debt repayment obligations. "Furthermore, debt restructuring negotiations with the funders both in respect of South African debt and the [Democratic Republic of Congo] funding agreements are progressing well," it said. The group’s ability to generate strong cash flows was shown...
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