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Aug 28, 2009

Daily Podcast - August 28, 2009

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This podcast is brought to you by Sarens-nothing too heavy, nothing too high.

Friday, August 28, 2009.

From Creamer Media in Johannesburg, I'm Sheila Barradas.

Making headlines today:

Eskom has said that it is determined to achieve ‘break even' at an operating level in the 2009/10 financial year, and CEO Jacob Maroga emphasised that ensuring a "sustainable funding solution" for the future was imperative.

Eskom, which posted a R9,7-billion loss for the year ended March 2009, expects an R80-billion funding shortfall for its expansion plans.

Maroga added that the utility would have a funding model finalised by the end of September.

Eskom chairperson Bobby Godsell said that the most important issue was to get clarity from South Africa on what an acceptable electricity tariff would be - one that would allow Eskom, co generating industries, and independent power producers to get a fair return on power produced.

JSE-listed construction firm Basil Read had secured new orders amounting to R2-billion in the first half of 2009, pushing its order book to R6,2-billion, the company said on Thursday, when it announced a 25% increase in interim earnings a share.

At the end of June 2008, the company's order book stood at R5,4-billion.

For the six months ended June 30, Basil Read had achieved earnings of 141,21c a share, compared with the 113,14c a share recorded in the previous corresponding period.

The company's operating profit jumped by 43% to R181,8-million, translating into an operating margin of 8,8%.

Turnover increased by 47% to R2,1-billion, compared with the 2008 figure of R1,4-billion, with net profit attributable to ordinary shareholders increasing by 43% to R122,1-million.

Basil Read reported that it was exploring expansionary activities across Africa, the Middle East and Australia.

Also making headlines:

Murray & Roberts to expand in Middle East, South America and Asia.
Transport Minister announces that the Bus Rapid Transit launch will go ahead.
SA electricity demand to pick up in 2010.
And, Afrox profit slumps 57% in an ‘extremely tough' interim period.

That's a roundup of news making headlines today. For more on these and other stories please visit


Edited by: Jonathan Faurie
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