Here’s what caught our attention on Monday:
1. Anglo American Platinum interim results
For the six months ended June 30, 2018, mining company Anglo American Platinum’s PGM production increased to 2.6 moz compared to 2.48 moz in 2017. Ebitda margin increased to 21% from 15% in 2017 and free cash from operations rose to R1.3 billion. The company is declaring a dividend of R3.74 per share. Amplats also issued a statement on Monday saying that its subsidiary, Rustenburg Platinum Mines has signed a sale and purchase agreement with Glencore operations in South Africa to purchase its 39% interest in the Mototolo joint venture.
2. Liberty Two Degrees results
Liberty Two Degrees is reporting a net property income of R272.8 million for the six months ended June 30, 2018. Profit from operations increased to R255.2 million from R158.8 million in 2017. Interest income reduced to R6.1 million from R109.1 million in 2017 due to the acquisition of the additional 9% of the co-owned LPP assets. The company is declaring a distribution of 29.31 cents per unit for the period.
3. Harmony Gold production exceeds guidance
Harmony Gold announced on Monday that it has exceeded the 2018 financial year’s production guidance by 4%. The company says gold production amounted to 1.288 million ounces, exceeding the annual production guidance of 1.18 million ounces. It has also recorded a 14% increase in gold production in the South African operations.
4. Eskom reports losses
Power-utility Eskom is reporting losses amounting to R2.3 billion for the 2017/18 financial year. The utility’s irregular expenditure increased from R3 billion to R19.6 billion in 2018 and advances to improve operations since the appointment of the new board is underway, but Reuters is reporting that Eskom chairman Jabu Mabuza says the utility is ‘facing one of the most difficult times in history.’ Eskom says it had R22.7 billion liquidity by the end of the financial year.
5. Naspers ventures into digital
Naspers, popular for its role in traditional media is now taking a step further to fulfill its digital ventures. The media giant, which released its financial results on Friday, plans to grow its online businesses and further invest in technology companies. The transformation is primarily towards digital, video entertainment and media businesses. Moneyweb is reporting that today, 79% of its revenue comes from e-commerce, as its internet business continues to grow.