Hits&Misses

Higher prices put shine on Kumba, but SA jobs numbers stay dull

KUMBA Iron Ore said first-half headline earnings were expected to rise at least 160%, boosted by higher iron ore export prices and a weaker rand/dollar exchange rate. The company, a unit of Anglo American, said headline earnings per share were expected to increase by at least R14.90 from R9.31 a year earlier.

PETRA Diamonds said it had sold a 425-carat diamond, recovered at its flagship Cullinan mine in March, to Belgium-based Stargems Group for $15m, potentially helping it turn free cash flow positive this year . The sale of the diamond, named “Legacy of the Cullinan Diamond Mine”, highlighted the quality of the ore in the mine, it said.

SPAR Group was in the final stages of talks to buy a controlling stake in Polish deli and supermarket chain Piotr i Pawel group, the South African retailer said, part of efforts to expand in Europe. Spar already has operations in Ireland, England and Switzerland. SA’S unemployment rate climbed in the first quarter of the year as construction and financial services firms cut positions. The unemployment rate rose to 27.6% from 27.1% in the three months through December, Stats SA said. The median estimate of six economists surveyed by Bloomberg was 27.4%.

POULTRY producer Astral Foods cut its interim dividend by more than half after higher costs and lower selling prices dented profits. The company said it would pay an interim dividend of R4.75 a share, versus R10 a year before. While revenues edged up 3% to R6.8bn, higher sales costs and distribution expenses saw headline earnings fall 52%.

AN outbreak of African swine fever had spread to a fourth province in SA, the agricultural ministry said, following a spate of outbreaks last month. The latest outbreak was reported in the Heilbron area of the Free State, it said.