Hits & Misses

Inflation slows, but cost of Sasol’s Lake Charles project inflates

SA’s

annual inflation slowed for the first time in three months after moderation in food-price growth tempered an increase in the cost of fuel. Annual consumerprice growth decelerated to 4.4% from a year earlier against 4.5% in March, Stats SA said.

LEWIS

Group said changes to SA’s credit-application rules were boosting revenues, with credit sales growth accelerating in the second half of the financial year. The group said credit sales rose 8.1% in the year, with growth of 11.3% in the second half attributable to changes in the country’s affordability assessment regulations.

BARLOWORLD,

which distributes Caterpillar equipment and Volkswagen vehicles, hiked its interim dividend 13.8% after earnings grew thanks to better equipment sales in Southern Africa. Revenue for the six months to end-March declined 1.6% to R30.4bn, even though the equipment business in Southern Africa grew sales by 15.7% to R10bn.

SASOL

said the cost of its giant Lake Charles chemicals project in Louisiana would balloon to as much as $12.9bn (R185.3bn), or about 50% more than initially planned. The cost blowout is a further setback for the development, which has already suffered a number of budget increases as a result of weather delays.

TIGER

Brands, named as the culprit in the 2018 listeriosis outbreak, said interim sales edged lower because of a slump in processed-meat sales and weak revenues from outside SA. Revenue from continuing operations fell 2% to R15.4bn. Excluding value-added meat products, revenue rose 4%.

ASCENDIS

Health said it had parted ways with its CEO of less than 14 months. “The employment contract of Mr Thomas Thomsen has been terminated with immediate effect,” the company said, without giving a reason.