Imperial falls as profits decline

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CorporateBusiness

Johannesburg - Shares of Imperial Holdings fall more than 2 percent after the South African transport firm posts a 7 percent decline in full-year profit, hit by the weaker rand currency that it expects would lead to lower first-half earnings.

Imperial, a major importer of nearly 20 passenger and industrial vehicle brands including Kia and Mitsubishi, is down 2.3 percent at 190.63 rand.

The company is also seeing more and more of its trucks standing idle as manufacturers such as Tiger Brands produce less to match slowing consumer demand at retailers such as Shoprite, which last week posted its slowest profit growth in 15 years. - Reuters



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