Results for the first half of 2014 were influenced by a challenging trading environment and spill-over effects of Afrox’s own strike in the first quarter.
Despite achieving price increases broadly in line with increased input costs, revenue for the six months to 30 June 2014 was flat at R2.87bn (2013: R2.86bn).
Earnings before interest, tax, depreciation and amortisation (EBITDA) was down 2% at R442m (2013: R449m).
The EBITDA margin achieved was 15.4% (2013: 15.7%), reflecting the consequence of adverse sales conditions and inflationary pressure on costs; profit for the half-year was down 4.5% at R169m (2013: R176m) with headline earnings of 49.5 cents (2013: 55.1 cents).
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