THE WEEK IN FIVE
POWER utility Eskom reports a net loss of R2.3 billion for the financial year end to March. Eskom says irregular expenditure also increased to R19bn during the period that was accompanied by flat revenue, falling sales and deteriorating gearing. The utility says debt owed to it by municipalities has also ballooned 44 percent to R4.2bn.
Anglo American Platinum (Amplats) says it will pay a R1 billion dividend for the six months to end June, the first payout to shareholders since 2011. The miner says its profits after tax swung to R2.28bn during the period compared with a R1.3bn loss during the corresponding period last year. Amplats says its net cash also rose to R447 million from a net debt of R5.9bn last year.
SOUTH Africa’s largest iron ore producer Kumba Iron Ore blames Transnet for a loss of R2 billion in revenue during the half-year to the end of June. Kumba says six derailments on the iron ore channel that links its Sishen and Kolomela mines in the Northern Cape with Saldanha had crippled its exports. The group says its revenue also fell from R21bn last year because of currency fluctuations
ANHEUSER-BUSCH InBev announces a major shake-up of its executive structure, creating two new positions that will report directly to its chief executive and reducing its geographic leadership from nine management zones to six. The brewer, which bought SABMiller for $79 billion in December, says the changes, which will come into effect next year, will drive its commercial and operational agenda. It says it will spend the next six months ensuring a smooth transition to the new structure.
THE Competition Commission slams the brakes on British American Tobacco-SA (BAT) plans to acquire e-cigarette company Twisp. The commission says the proposed transaction will have an impact on the national market for the supply of cigarettes and e-cigarettes. It says the acquisition will also increase the price of e-cigarettes.
Compiled by Sechaba ka’Nkosi