enX takes hit from cheap plastics and restructuring costs
Headline earnings per share halved to 41.2c in its year to end-August, with the company experiencing difficulties at its lubricants business
25 November 2019 - 09:21
enX Group, which provides industrial and petrochemical products as well as fleet management services, said on Monday headline earnings per share more than halved in its year to end-August, with the company grappling with restructuring within its petrochemicals business.
The company, which blends and distributes ExxonMobil products, suffered a R166.4m write-down in its petrochemicals business, amid concern of cheap plastics due to shale gas availability in North America, as well as muted local demand...
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