Nov 20 (Reuters) - South African cement company PPC Ltd PPCJ.J reported a lower first-half headline earnings per share on Wednesday, hurt by a weaker Zimbabwean dollar and said it had started a review of its operations.
The company's results were affected by the application of hyperinflationary accounting by PPC Zimbabwe, which it said complicated comparability at a group level.
Zimbabwe has suspended publication of annual inflation data until February, but economic analysts say the figure reached 440% last month. Many expect the country will miss its target of single-digit levels by the end of the first quarter of 2020. has initiated a comprehensive strategic review and certain initiatives necessary for sustainable value creation are underway," the company said. reported headline earnings per share (EPS) of 6 South African cents for the six months ended Sept. 30, compared to 21 South African cents a year earlier.
Headline EPS is the main profit measure for South African companies and removes certain one-off items.
The company's group revenue for the six months fell 12% to 4.95 billion rand ($335.03 million) and there was a 17% decline in overall cement volumes.
($1 = 14.7748 rand)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.