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Five things making headlines in South Africa today

Implats and Aspen results, revelations in state capture inquiry and Tax Indaba, July gold and mining output.

Here’s what caught our attention on Thursday:

1 Implats results

Impala Platinum earnings for the year 2018 were impacted by impairments of R13.6 million mainly due to restructuring of Impala Rustenberg. Headline loss of R1.228 billion is being reported, while headline loss per share is at 171 cents from 137 cents in 2017. Tonnes milled rose 5.6% and platinum in concentrate ounces were 1% higher following strong operational performance across the group, the company said.

2. Aspen Pharmacare results

Pharmaceutical company, Aspen Pharmacare is reporting a 10% increase in normalised headline earnings per share to 1 605 cents for the year ended June 30, 2018. The company’s revenue improved by 3% to R42.6 billion. Aspen Pharmacare also announced that it has concluded an agreement to divest of its Nutritional Business to France-based Lactalis Group, for a fully funded cash consideration of R12.9 billion. The company is declaring a gross dividend of 315 cents per ordinary share.

3. State capture inquiry

After a day’s break on Wednesday, deputy chief justice Raymond Zondo gets to work again on Thursday, where he will decide if he will accept the applications of Ajay Gupta and Duduzane Zuma to cross-examine witnesses who have implicated them in the state capture hearings. Duduzane Zuma has also agreed to testify at the hearings, a date is yet to be confirmed for his appearance.

4. Tax Indaba

Yet another issue was brought to the fore at the Tax Indaba, this time it was about expat tax and how Sars is dealing with tax issues of South Africans living and working abroad. The Tax Indaba heard on Wednesday that there is a lot of panic and uncertainty surrounding the issue.

Read: Panic, uncertainty about expat tax

5. July gold and mining production

Gold production fell 15% in July from a revised 17.3% while total mining production fell 5.2% year-on-year from a revised 3.7% in June, Statistics SA showed on Thursday. 

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