Remgro: Interim profit more than doubles

Remgro increased its headline earnings by 126.2 percent to R3.657 billion in the six months to December last year, the investment holding company said yesterday. Headline earnings a share rose by 126.6 percent year on year to R7.12. However, Remgro said, during the previous financial year Mediclinic had incurred material once-off charges relating to the comprehensive refinancing of its Swiss and South African debt. Remgro’s share of these once-off items included in the results for the six months to December 2012 had amounted to losses of R1.4bn. Remgro said the contribution from food, liquor and home care to its headline earnings decreased 3.6 percent to to R839 million, mainly as a result of lower contributions from RCL Foods and TSB. The shares gained 0.22 percent to R197 yesterday. – Wiseman Khuzwayo