JSE-listed MiX Telematics may report its numbers in US dollars in the future, management says, as the group reported that the stronger rand could weigh on its fourth-quarter results. If maintained at current levels, the rand’s strong gains since the ANC’s elective conference in December “will be a headwind on the upcoming quarter’s performance”, finance chief Paul Dell said. MiX CEO Stefan Joselowitz, who lives in the US, said while he preferred a stronger rand, “the day may very well come when we report our business in US dollars”. The strengthening rand would offset some of the expected revenue gains in the fourth quarter in rand terms, while adding to revenue growth in dollar terms, he said. However, the effect on profits was negligible “since we have foreign currency costs in our operations that come down in rand terms with a stronger currency,” said Joselowitz. “Ultimately I believe our business valuation will be driven by our performance both at the top and bottom line measure...
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