SA's biggest cement maker PPC reports lower sales in its largest regions by revenue
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GUEST - Roland van Wijnen – PPC CEO
SA's biggest cement maker PPC said on Monday its full-year loss widened in its year to end-March, hit by volume declines in its key markets of SA and Zimbabwe. Revenue, excluding dividends, increased 1% to R6.58 billion, with the company reporting a loss of R574 million, from R77 million previously.
The company was hit by R195 million in non-cash items, primarily relating to hyperinflationary accounting. Consumer inflation in Zimbabwe trended at triple digits for much of the year and reached 244% in December, according to the World Bank.
SA's biggest cement maker PPC said on Monday its full-year loss widened in its year to end-March, hit by volume declines in its key markets of SA and Zimbabwe. Revenue, excluding dividends, increased 1% to R6.58 billion, with the company reporting a loss of R574 million, from R77 million previously.
The company was hit by R195 million in non-cash items, primarily relating to hyperinflationary accounting. Consumer inflation in Zimbabwe trended at triple digits for much of the year and reached 244% in December, according to the World Bank.
