South Africa: PPC's 1H profits fall 66%

South Africa: PPC's 1H profits fall 66%
16 November 2016

PPC Ltd reported a 66 per cent decline in half-year profit, hit by higher finance costs.

PPC said headline earnings per share (EPS) totalled 14 cents in the six months to end-September, compared with 41 cents a year earlier.

Group cement sales volumes increased by 13 per cent, reflecting the impact of double-digit volume growth in the coastal regions. Group debt reduced to ZAR5.9bn (US$4.17bn) from ZAR9.2bn a year earlier following the receipt of proceeds from a rights issue.

In September, PPC raised ZAR4bn (US$295m) via a rights issue, which was heavily oversubscribed, allowing the company to settle some of its debt.

Published under Cement News

Tagged Under: South Africa PPC