WATCH: How SA’s moribund construction sector affected PPC
Cement maker PPC released its full-year results on Monday. Business Day reported that the company’s joint venture factory in the Democratic Republic of Congo (DRC) had been a big drag on group results for the year to end-March 2018, making up nearly half the company’s losses. SA’s moribund major construction sector did not help matters. Revenues from the main South African cement market fell marginally in the period, reported Business Day. Meanwhile, high taxes, the soaring cost of sales, forex losses elsewhere in Africa and heavy impairments helped SA’s largest cement producer to increase its total comprehensive loss to R561m in the year from R496m in financial 2017. CEO Johan Claassen joined Business Day TV for a closer look at the numbers.