Hits & Misses More power, but PetroSA may cut jobs
STATE-OWNED utility Eskom said it had produced electricity for the first time from a unit at its Medupi station. The full 794MW potential of its Unit 6 would be fed into the grid within the next three months, it said.
BIDVEST Group reported a 5% rise in half-year profit, helped by a strong performance at its food service unit and favourable currency swings. Diluted headline EPS were 877c against 835c a year earlier.
THE SA Chamber of Commerce and Industry’s business confidence index edged up to 92.8 in February from 89.3 the previous month, although the outlook for the rest of the year remains uncertain.
BUSINESS activity in the private sector stabilised in February after shrinking for two months, with falling fuel prices offering some respite. The HSBC purchasing managers’ index inched up to 50.0 from 49.8 in January.
NEW vehicle sales rose 1.1% year on year in February to 52 368 units, data from the National Association of Automobile Manufacturers showed. Export sales jumped 35.6% year on year to 29 760 vehicles.
NATIONAL oil company PetroSA is considering job cuts as it struggles to supply a refinery with feedstock to produce the fuels it sells. It is “reorganising its business” because of difficult market conditions, it said.
COAL producer Exxaro’s adjusted earnings fell 6% in 2014 due to an impairment charge of R5.8-billion related to an iron ore project in the Republic of the Congo. Diluted headline EPS were 1 368c from 1 459c a year before.
THE Kagiso purchasing managers’ index, which gauges activity in the manufacturing sector‚ fell for the first time in four months, by a steeper-thanexpected 6.6 index points to 47.6 in February.
MTN Group’s South African operations continued to feel the pressure in the year to December as revenue declined 3.9% to R38.9-billion due to aggressive competition and stringent regulatory requirements.
NET gold and foreign exchange reserves fell to $41.92-billion in February from $42.14billion in January, data from the Reserve Bank showed. Gross reserves were also down, at $47.19-billion from $47.61-billion.