South African wholesaler,Massmart Holdings Ltds fiscal H1 profit, fell 20%; net income fell to ZAR 693.7mn (USD 88.9mn) through to Dec27, from ZAR 868.3mn, y/y, Bloomberg reported. Sales rose 6%, to ZAR 24.15bn. Nearly10% of earnings came from stores in Botswana,Ghana, Malawi, Mauritius,Mozambique, Namibia, Nigeria,Tanzania, Uganda, Zambiaand Zimbabwe.Foreign-exchange losses for the period were ZAR 68.7mn, mainly on revenueconversion and foreign-exchange contract losses. Sales rose almost 7% in the 34weeks through Feb 21 and Massmart declared a 252 cents/share interim dividendof for the period. Because margins in Africa are better than local ones,Massmart is targeting Angola,Cameroon, Congo Republic,Democratic Republic of Congo, Ivory Coastand Senegal.
South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more
South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more
Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more