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Afrox 2012 HEPS remain flat at 91c

28th February 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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Afrox on Thursday reported that headline earnings a share for the year ended December 31, 2012, remained flat at 91c.

Full-year revenue increased by 6% to R5.6-billion, while earnings before interest, taxes, depreciation and amortisation increased 3% to R798-million.

The board declared a final cash dividend of 18c a share which, together with an interim cash dividend of 27c a share, totalled 45c a share declared out of the after-tax profits for the year.

Impairments totalling R16-million were made during the year as a consequence of subeconomic performance.

“During the year, market activity remained depressed and cost pressures continued as rising fuel and electricity prices had an effect on margins and production. An unsettled labour environment saw production in key industries, such as mining and manufacturing, negatively impacted,” the company said.

The consequential drop in demand for gases and hard goods had a negative effect on Afrox's volumes sold in the second half of the year.

Meanwhile, the group continued with its programme of investing in plant modernisation, additional capacity and efficiency enhancements and, for the year under review, invested R546-million.

The group ended the year with net borrowings of R615-million and gearing of 15.5%.

Edited by Natasha Odendaal
Creamer Media Senior Deputy Editor

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