Factories boost output but taxman unhappy

MANUFACTURING output rose 0.9% year on year in September after contracting by a revised -0.3% in August, Stats SA said. On a month-on-month basis, factory production jumped 2.2%, and was up 1.4% in the three months to September compared with the previous quarter.

ONLINE taxi-hailing service Uber has agreed a R200-million deal with WesBank to rent cars to drivers who cannot afford to buy them. WesBank will recoup the loan from the fares drivers collect, lowering default risk.

PRIVATE hospital group Mediclinic International posted a 16% jump in half-year earnings, aided by revenue growth from its Swiss business. Normalised diluted headline earnings per share rose to 210.2c from 180.8c a year earlier.

FASHION retailer The Foschini Group’s half-year profit rose 16.6% on strong growth in clothing sales, it said. Headline earnings per share from continuing operations rose to 470.2c from 403.3c a year earlier.

SOUTH Africa cut its year-to-March 2016 tax revenue target by 0.7% to reflect a lower forecast for economic growth. The South African Revenue Service said the 2015 GDP growth forecast of 1.5%, cut from 2%,would shrink revenue collection to about R1.1-trillion.

FURNITURE retailer Lewis Group reported a 13% drop in first-half profit and blamed slow sales on a struggling mining sector and the drought. Headline earnings per share fell to 323c from 373c a year earlier, it said.

SPAR Group reported profit growth that slowed from a year earlier due to rising costs from the acquisition of ADM Londis of Ireland and other one-time charges. Net income rose 5.6% to R1.42-billion against a 13% rise a year earlier.

MINING production contracted unexpectedly by 4.8% year on year in September — its lowest level in a year — after increasing by a revised 3.6% year on year in August‚ according to data from Stats SA.