Tiger Brands shares drop after interim statement
◆ Tiger Brands’ share price drops to lowest level since 2011: The share price of South Africa’s largest food producer, Tiger Brands, dropped to its lowest levels since September 2011 after it said that it expects earnings to drop by as much as 37 percent in the six months to the end of March. The packaged goods company, in its interim trading statement, disclosed that the company expects its headline earnings per share (Heps) to be between 478 cents and 533c, compared with 762c in the same period of the preceding year. It expects its earnings per share (EPS) to be at least 311c lower compared with 864c in the last year.
◆ Anglogold Ashanti: The goldmining company, in its annual trading statement, reported that it expects its Heps to be between 86c and 96c and its loss per share to be between 0c and 6c. The company announced that it has reached an agreement to sell its remaining South African production assets and related liabilities to Harmony Gold Mining. Consideration for the transaction is in cash and deferred payments with expected proceeds of about $300 million (R4.4bn), subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure.
◆ Gold Fields: The gold-mining company, in its annual results, reported that its revenue advanced from the same period of the preceding year to $2.97bn. Its diluted EPS stood at 19c, compared with loss per share of 42c in the corresponding period of the previous year.
◆ Barloworld: The industrial company, in its first-quarter trading update, stated that revenue for the period was lower than the prior year as a result of continued weak macroeconomic and trading conditions. Group operating profit before black economic empowerment charges was down, while the steady performance of the equipment divisions contributed positively to performance.
◆ Grand Parade Investments:
The investment holding company announced that Colin Priem has decided to step down as chief financial officer (CFO) with effect from March 31. Deputy CFO Jayson October has been appointed as the CFO with effect from April 1.
◆ Victory for Vexall against Telkom’s Business Connexion (BCX) over pharmacy software dominance: The Competition Tribunal has ruled in favour of Dischem-backed technology company Vexall to stop Telkom subsidiary BCX from abusing its dominant position in the pharmacy software industry.
OFFSHORE
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