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Gold set for a major shake-u... Rumours fuel financials frenz... Cape looks good with the sun in Capricor... Dragnet of economic slowdown catches Pe... Yorkcor adds its weight to Safcol priva... Still a hidden hand in Gauteng's house o... Hardware to software gives Usko leading ... |
COMPANY ROUNDUP
POLIFIN Period: Six months to end-December 1997 Turnover: R2.0-billion (up 12%) Attributable earnings: R278-million (up 6%) Dividend: 12c (unchanged) The chemical group had to deal with declining polymer prices during the interim period, largely due to financial turmoil in the Far East. Maintenance and an extended shutdown of the VCM plant added to costs. Management expects a continued decline of product prices although this should be offset by higher sales and reduced feedstock costs.
MURRAY & ROBERTS Period: Six months to end-December 1997 Turnover: R5.38-billion (down 11%) Attributable earnings: R108-million (down 26%) Dividend: 14.5c (unchanged) The construction group reported a 20% rise in earnings before interest and exceptional items after all operating groups boosted their results and the company recovered R79-million in insurance claims. However, higher interest costs and taxes reduced the increase at the attributable level. Directors forecast similar earnings contributions from operating groups in the second half.
JD GROUP Period: Six months to end-December 1997 Turnover: R1.34-billion (up 4%) Attributable earnings: R129-million (up 22%) Dividend: 36c (up 20%) Strict credit controls and improved margins boosted the furniture group's earnings despite sluggish sales growth. Improved cash flows reduced the gearing ratio to 39% from 47%. The directors expect higher revenue growth and improvement in operating margin for the full year. IMPERIAL HOLDINGS Period: Six months to end-December 1997 Turnover: R4.31-billion (up 13%) Attributable earnings: R221.1-million (up 34%) Dividend: 48c (up 26%) The group's mainstay - transport and car rental - performed well during the interim period. There was also an increased contribution from its financial services division. Imperial Bank's lending book exceeded the R1-billion mark for the first time. McCarthy Motor Holdings performed well given the difficult conditions in the motor industry but building group Boumat posted a loss of R8.5-million (interim 1996: R9-million profit) on a small drop in sales to R1.05-billion.
AVI Period: Six months to end-December 1997 Turnover: R6.85-billion (down 7%) Attributable earnings: R209-million (down 13%) Dividend: No dividend paid Anglovaal Industries' companies had mixed results. The consumer goods operations, held in National Brands and I&J, performed poorly amid a decline in consumer spending. Packaging group Consol made a positive contribution but only after proceeds from the sale of its rubber business were taken into account. The net contribution from the fixed investment division, consisting of, among others, cement group Alpha and Grinaker Construction, was higher than last year.
COMMERCIAL UNION Period: Twelve months to end-December 1997 Premium income: R2.21-billion (up 16%) Net income: R119-million (down 33%) Dividend: 108c (up 20%) Both the short-term insurance arm and the life business (including for the first time the contributions from Protea Life) performed well, but a moderate investment performance and significant IT upgrade costs reduced the bottom line.
MOLOPE FOODS Period: Six months to end-December 1997 Turnover: R301-million (maiden results) Attributable earnings: R30.12-million Dividend: No dividend paid The group, chaired by Cyril Ramaphosa, reported sound maiden attributable earnings, which were more than 200% up on pro forma 1996 figures. The group, built around the original Molope Bakeries, made a number of acquisitions during the year and is confident of boosting interim earnings a share of 15.6c to 36.5c by year-end.
CONCOR Period: Six months to end-December 1997 Turnover: R579-million (up 12%) Attributable earnings: R17.34-million (up 18%) Dividend: 21c (up 20%) Armed with a strong order book - boosted by its consortium's winning bid for the R1.2-billion second phase of the Lesotho Highlands Water project - the construction company is confident of maintaining the profit growth rate for the full year.
PROFURN Period: Twelve months to end-December 1997 Turnover: R936-million (up 88%) Attributable earnings: R70.13-million (up 120%) Dividend: 4.25c (up 42%) The group, which runs five chains of retail stores, continues to grow throughout southern Africa, running 163 stores in SA and 65 in six other countries. A further 54 will be opened this year, says the group. During 1997 Profurn re-acquired the credit granting business from FNB.
KWV INVESTMENTS Period: Six months to end-December 1997 Net profits: R59.15-million (up 21%) Dividend: 30c (up 7%) KWV's only income derives from its 30% stake in both Distillers and Stellenbosch Farmers' Winery. The group is converting from a co-op into a private company owned by its farmers. A slowdown in consumer spending is expected to continue.
NORWICH LIFE Period: Twelve months to end-December 1997 Shareholder income: R114-million (up 36%) Attributable earnings: R248-million (up 195%) Dividend: 26.5c (up 36%) Facing a hostile bid from African Life, Norwich produced good results for financial 1997 boosted by a strong contribution from the life arm, whose earnings rose 30% to R87-million.
UNIHOLD Period: Twelve months to end-December 1997 Turnover: R464-million (up 105%) Attributable earnings: R22.6-million (up 90%) Dividend: 12.5c (up 15%) Industrial engineering group Unihold made investments totalling R83-million in high-tech industries during 1997, while at the same time selling off non-core companies for a combined R31-million. The company also cautioned shareholders that it was in negotiations that could affect the share price.
MEGACOR Period: Twelve months to end-December 1997 Turnover: R187-million (maiden results) Attributable earnings: R10.4-million Dividend: 5c Megacor, whose prime business is the conversion of timber into value-added products, failed to meet pre-listing earnings forecasts of 30.4c a share, coming in at 14.1c instead. The group blames the abolition of government's export incentives, a slowdown in local trading conditions and a weaker rand which reduced export revenues. Exports accounted for 62% of turnover. ý Reports by BT staff, Reuter, Sapa
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