Johannesburg - Gold Brands Investments yesterday reported a 15.9 percent increase in profit after tax to R3.5 million for the six months to August with the Chesanyama franchise leading the earnings.

However, the group’s headline earnings per share slumped to 3.18c per share as compared with the 3.48c reported last year.

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The chief executive, Praxia Nathanael, said the group enjoyed a significant growth in the Chesanyama brand.

“Our flagship Chesanyama brand and the more recently acquired BlackSteer continue to enjoy high levels of consumer support.”

Revenue declined 13.8 percent to R100.61m, from R116.68m while net working capital rose to R37.7m, from R5.3m last year with R7.3m in inventories for repurchasing several strategically located stores from franchisees.

Operating expenses declined 7.4 percent to R25.9m.

The board did not declare dividends for the interim period. Shares fell 1.16 percent to 85c.

BUSINESS REPORT