South African wholesaler, Massmart’s fiscal H1 profit, falls 20%

By bne IntelliNews March 1, 2010
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.

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