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Five things making headlines in South Africa today

Calgro; Verimark; Octodec results; Lonmin production report, Tongaat Hulett launches its latest property development project. 

Here’s what caught our attention on Monday:

1. Calgro M3 results

Property investment company, Calgro M3 is reporting a 50.16% decrease in basic earnings per share to 23.78 cents, and a 93.48% decrease in headline earnings per share to 3.11 cents for the six months ended August 31, 2018. The company says its Memorial Park sales increased by 128.24% while it also managed to acquire Memorial Parks in Durbanville, Bloemfontein and a minority shareholding in Nasrec Memorial Park. The board has decided not to declare a dividend for the period.

2. Verimark results

Retailer Verimark is reporting a 1.0% decrease in revenue to R207.5 million, while gross profit increased by 6.9% to R94.7 million for the six months ended August 31, 2018. The company is reporting a basic loss per share of 2 cents, while no dividend is being declared for the period.

3. Lonmin production report

Mining company Lonmin says its production by its Generation 2 shafts increased by 1.6% to 7.6 million tons for the fourth quarter and 2018 full year, while platinum sales exceeded its guidance of between 650 000 and 680 000 and reached 681 580 ounces. The company’s net cash also improved to $114 million at September 30, 2018, from $103 million in 2017.

4. Octodec results

Octodec Reit, which has 306 properties valued at R12.9 billion, is reporting a marginal increase in net asset value per share to R29.39 in 2018 compared with the R29.33 reported in 2017. The company distributed 203.4 cents per share for the year and is reporting a 2.6% like-for-like growth in rental income for the financial year.

5. Tongaat Hulett launches its latest property development project 

The company known for its agri-business and sugar processing is continuing its expansion into property development. Tongaat Hulett will be starting its R30 billion Ntshongweni development within the Durban, Free State and Johannesburg logistics and industrial corridor. The first of which is the Ntshongweni Mall, in the outer Western part of the eThekwini metro, and is set to open in 2021, Moneyweb reported.

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