Interest rate steady, but Telkom drops

THE South African Reserve Bank left interest rates unchanged at 5.75%, as expected, citing the lower trajectory of headline inflation and continued economic weakness. BARLOWORLD posted a 7% rise in full-year profit as after-market sales helped it to overcome weakness in the mining industry and a slowdown in Russia. Headline earnings per share totalled 877.7c from a restated 817.1c a year before. SOUTH Africa’s inflation rate was unchanged at 5.9% in October, staying in the Reserve Bank’s 3% to 6% target range for a second month. Prices rose 0.2% in the month, data from Stats SA showed. AMPLATS, Aquarius Platinum, Implats, Lonmin, Northam Platinum and Royal Bafokeng Platinum have launched the World Platinum Investment Council to promote the precious metal as an investment vehicle. DRUGMAKER Aspen Pharmacare is eyeing a bigger slice in the upcoming R24-billion state tender for antiretrovirals after investing billions of rands upgrading its manufacturing sites, CEO Stephen Saad said. TELKOM posted a 67% drop in first-half earnings, hit in part by restructuring costs after it had to let go hundreds of workers. Diluted headline earnings were 212.1c a share from a restated 649.8c a year earlier. CEMENT maker PPC reported flat full-year profit as growth in some of its sub-Saharan markets was offset by slack demand at home. PPC, roiled by a battle between its former CEO and the board, cut its dividend by 27%. GOLD Fields posted a 6% drop in third-quarter earnings after its South Deep mine saw an 18% decline in production as upgrades continued. Adjusted headline earnings per share totalled 23.1c from 24.6c in the previous quarter. NAMPAK missed fullyear sales and profit estimates as a sluggish SA economy countered benefits from operations in the rest of Africa. Net income fell to R1.17-billion compared with a restated R1.3-billion a year ago. SOUTH Africa leads Africa in the illicit trade in tobacco and is listed among the top five illicit markets globally‚ according to the Tobacco Institute of Southern Africa, which represents industry players.