Company news
Shoprite earnings drop
Retailer Shoprite says although its non-South African operations underperformed over the past financial year, they are still a substantial contributor to the group.
The group on Tuesday released the financial results for the year ended July 1, 2018 and reported a decline in earnings. According to the results, diluted headline earnings per share are down 3.8% to 968.7c.
Net profit for the year was R5.2 billion. Trading profit was down 1.4% to R8 billion, compared to R8.13 billion reported in 2017.
The group declared a dividend of 279 cents per share, bringing the total dividend for the year to 484c – compared to 504c reported last year.
-Fin24
Two US airlines cut China routes
Two US airlines on Tuesday cut routes between China and the United States, underscoring increasingly tough competition from state-backed Chinese rivals as they aggressively expand their fleets with cut-price tickets.
American Airlines, the largest US carrier by passengers, said it would drop a route between Chicago and Shanghai, canceling the second direct flight from the US city to China in four months. It had canceled a flight to Beijing in May, although it still operates daily flights to the capital from Los Angeles and Dallas-Fort Worth, Texas.
-Nampa/Reuters
Uber hires CFO after lengthy search
Uber Technologies Inc has hired a chief financial officer, the ride-services company said on Tuesday, filling a long-standing vacancy and clearing the way for a much-anticipated initial public offering next year.
Uber said it had hired Nelson Chai, a financial services veteran with deep connections to the banks and deal-makers Uber must impress ahead of what is expected to be a large, complicated IPO. Uber lost more than US$1 billion per quarter in three of the last six quarters. Still, it hopes its growth potential will attract investors.
-Nampa/Reuters
Former Steinhoff CEO to testify
Steinhoff's former CEO Markus Jooste could be giving testimony about what transpired at the global furniture retailer in a week's time, after Speaker of the National Assembly Baleka Mbete on Tuesday evening authorised Parliament's oversight committee on finance to summons him and the group's former CFO Ben la Grange.
The hearing is scheduled to take place on Wednesday 29 August.
"[The] National Assembly and its committees are empowered to summon not only state organs to account to Parliament, but any private person, institution or regulatory body to provide evidence on any legitimate matter of public interest which falls within the scope of their oversight mandate," said Parliament in a media release on Tuesday afternoon.
-Fin24
Cell C tops 16m subscribers
Cell C's turnaround strategy is bearing fruit despite a challenging environment, the mobile operator said on Tuesday.
In a statement, the company said it had increased its subscriber base by 600 000 to 16.3 million and was on track to continue growing.
The first half of the year saw a revenue increase of 5% to R7.8 billion and a service revenue increase of 11% to R6.9 billion.
Growth was driven in part by Blue Label Telecoms, which took a 45% stake in the operator in order to provide debt relief and build economies of scale.
"Following the measures put in place as part of our turnaround strategy, we are seeing both a satisfactory financial performance to date and increased value offering for our customers.
-Fin24
Retailer Shoprite says although its non-South African operations underperformed over the past financial year, they are still a substantial contributor to the group.
The group on Tuesday released the financial results for the year ended July 1, 2018 and reported a decline in earnings. According to the results, diluted headline earnings per share are down 3.8% to 968.7c.
Net profit for the year was R5.2 billion. Trading profit was down 1.4% to R8 billion, compared to R8.13 billion reported in 2017.
The group declared a dividend of 279 cents per share, bringing the total dividend for the year to 484c – compared to 504c reported last year.
-Fin24
Two US airlines cut China routes
Two US airlines on Tuesday cut routes between China and the United States, underscoring increasingly tough competition from state-backed Chinese rivals as they aggressively expand their fleets with cut-price tickets.
American Airlines, the largest US carrier by passengers, said it would drop a route between Chicago and Shanghai, canceling the second direct flight from the US city to China in four months. It had canceled a flight to Beijing in May, although it still operates daily flights to the capital from Los Angeles and Dallas-Fort Worth, Texas.
-Nampa/Reuters
Uber hires CFO after lengthy search
Uber Technologies Inc has hired a chief financial officer, the ride-services company said on Tuesday, filling a long-standing vacancy and clearing the way for a much-anticipated initial public offering next year.
Uber said it had hired Nelson Chai, a financial services veteran with deep connections to the banks and deal-makers Uber must impress ahead of what is expected to be a large, complicated IPO. Uber lost more than US$1 billion per quarter in three of the last six quarters. Still, it hopes its growth potential will attract investors.
-Nampa/Reuters
Former Steinhoff CEO to testify
Steinhoff's former CEO Markus Jooste could be giving testimony about what transpired at the global furniture retailer in a week's time, after Speaker of the National Assembly Baleka Mbete on Tuesday evening authorised Parliament's oversight committee on finance to summons him and the group's former CFO Ben la Grange.
The hearing is scheduled to take place on Wednesday 29 August.
"[The] National Assembly and its committees are empowered to summon not only state organs to account to Parliament, but any private person, institution or regulatory body to provide evidence on any legitimate matter of public interest which falls within the scope of their oversight mandate," said Parliament in a media release on Tuesday afternoon.
-Fin24
Cell C tops 16m subscribers
Cell C's turnaround strategy is bearing fruit despite a challenging environment, the mobile operator said on Tuesday.
In a statement, the company said it had increased its subscriber base by 600 000 to 16.3 million and was on track to continue growing.
The first half of the year saw a revenue increase of 5% to R7.8 billion and a service revenue increase of 11% to R6.9 billion.
Growth was driven in part by Blue Label Telecoms, which took a 45% stake in the operator in order to provide debt relief and build economies of scale.
"Following the measures put in place as part of our turnaround strategy, we are seeing both a satisfactory financial performance to date and increased value offering for our customers.
-Fin24
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