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PPC Reports Loss on Higher Finance Costs, Low Domestic Prices

JOHANNESBURG (Capital Markets in Africa) – PPC Limited reported a full-year loss of 295 million rand ($22.9 million) as the South African cement maker incurred higher finance costs following the downgrade of the company’s debt and battled persistent low prices in its home market. Earnings per share excluding one-time items slumped 93 percent to 7 cents a share, the Johannesburg-based company said in a statement on Wednesday. Sales rose 5 percent to 9.6 billion rand, while capacity increased…

Morocco’s Managem posts 63 pct slide in first-half net profit

Posted on by The Editorial Team

CASABLACA, Capital Markets in Africa: Morocco’s biggest mining company Managem posted a 63 percent drop in first-half net profit to 52 million dirhams ($5.35 million) on Thursday, citing weak global commodities prices. Managem said it was hit by a 12 percent slide in silver prices, a 21 percent drop in both copper and cobalt and a 16 percent decline in zinc during the first six months of 2016. Controlled by the Moroccan royal family’s holding…