Edcon back in shape, food fattens inflation

RETAILER Edcon returned to quarterly profit thanks to lower debt-repayment charges following this year’s debt-to-equity swap, it said. It notched up R163-million in net profit compared with a loss of R2.1-billion the same time a year earlier, it said.

THE National Union of Metalworkers of South Africa signed wage agreements with the retail motor and retail fuel industries, it said, averting a potential strike that could have affected motorists during the Christmas holidays.

PRIVATE education company Curro Holdings acquired a 50% stake in Botswana-based BA Isago University as part of its stated goal to run 80 campuses by 2020, it said. It did not give any financial details.

THE Reserve Bank’s leading business cycle indicator edged up 1.1% month on month in September, boosted mainly by an increase in job adverts. The indicator collects various data to gauge the outlook for the economy.

INFLATION accelerated to an eight-month high in October as food prices climbed. The rate increased to 6.4% from 6.1% a month earlier, Stats SA said, the highest rate since February. Food prices, pushed up by the drought, rose 12% from a year earlier.

UNEMPLOYMENT rose to its highest level in 13 years in the third quarter, with manufacturing, mining and agriculture all shedding jobs, Stats SA said. The jobless rate rose to 27.1% of the labour force from 26.6% in the second quarter.

PACKAGING company Nampak reported a 48% drop in full-year profit due to foreign-exchange losses in Nigeria and Angola. Diluted headline earnings per share totalled 107.6c compared with 208.2c a year earlier.

PRIVATE hospital company Netcare reported a 31% drop in full-year profit as its operations in Britain weighed on earnings. Diluted headline earnings per share fell to 117.1c compared with 170c the previous year, it said.