INTERNATIONAL - Andulela Investment Holdings’ headline loss per share reduced by 1.1 percent to 10.76 cents from 10.88c in the six months to end-June 2019 due mainly to the Pro Roof Steel Merchants (PRSM) subsidiary incurring a R25,5 million loss.
The after tax loss widened considerably to R20.4m from R10.7m.
The PRSM loss included a R13.6m inventory devaluation due to price decreases implemented by the main raw material supplier, as well as R16.9m in plant and equipment impairments.
Kilken Platinum, the second main subsidiary, lifted revenue 161 percent from 2018 to 2019 with improved production and basket prices for its products, and profit after tax came to R7,4m compared to an R7,2m taxed loss in 2018.
Revenue increased 2 percent to R688.1m. Gross profit was up 5 percent to R110.6m.
The headline loss improved marginally to R9.43m from R9.53m. The dividend was passed.