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Weak rand to hit Verimark's results

March 15 2013 at 08:00am

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Verimark’s R5.3 million first-half loss, along with a weaker rand, slashed the retailer’s full-year profit dramatically. The company warned yesterday that its earnings for the year to February would be between R5.5m and R7m, compared with R26.8m a year earlier. Headline earnings a share were expected to be between 5.3c and 6.8c, a drastic decline from 25.8c. Verimark said its sales peak was between October and February but a weaker rand had slashed gross margins. It also had to finance the relocation of its warehouse and pay certain legal costs. The shares fell 5.2 percent to 91c yesterday. – Londiwe Buthelezi


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