Tags : south african markets

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South African News and Market Update: Tongaat Hulett reports total

JSE-listed sugar producer and land developer Tongaat Hulett on Monday reported a total loss of up to R266 million in a trading statement for the six months to September 30, 2021. The Durban-based group, which is due to release its latest interim results on Thursday (Dec. 9) highlighted hyperinflation in Zimbabwe, as well as unrest in KwaZulu-Natalin July and Covid-19 pressure, as the main reasons for the expected loss. For its 2020 half-year, Tongaat Hulett an adjusted profit of R241 million, and the turnaround appeared to remain on track despite the Covid-19 pandemic. Tongaat Hulett noted in its trading statement that for the latest

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South African News and Market Update: FirstRand expects half-year profit

South African lender FirstRand said on Tuesday that its profits are expected to rise by more than 30% in the six months to December 31. The company cited higher retail loan growth and falling loan impairment charges as reasons. The bank said earnings per share, the key profit metric in South Africa, will be at least 258.6 cents in the period, up from 198.9 cents a year earlier. A more detailed explanation on the increase will follow, it said, adding that the bank continues to provision conservatively due to uncertainty. Read more.

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