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Labat slides despite trading update

Companies
Johannesburg - Labat's share price slid more than 8 percent to 41 cents a share on the JSE, despite the company releasing a positive trading update.

The group said, following the diversification of Labat into the logistics sector in the last quarter of 2016, it expected to report improved results for the six months to end-February.

It said it was expecting to improve by more than 100 percent compared with the prior period of 2016, moving from a loss to a profit.

However, it said the range could not yet be identified.

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Website screenshot (labat.co.za)

Read also: Labat buys major stake in Ormin

The information is intended to be an initial trading statement, which is subject to change once the company is closer to finalising its results.

A further trading statement will be issued in due course.

BUSINESS REPORT


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