Here’s what caught our attention on Wednesday:
1. Cartrack results
Telematics company Cartrack delivered a 24% increase in earnings per share for its 2019 interim financials. The company’s operating profit and Ebitda margins also increased to 34%. The company says its robust results were attributed to increased subscriber growth and annuity revenue growth. The board has declared an interim gross dividend of 18 cents per ordinary share for the period ending August 31, 2018.
2. Impala Platinum production report
Impala Platinum’s group operational performance improved by 1.9% for the period between July 1, 2018 and September 30, 2018. The company also says it achieved its highest first quarter mill tonnage of 3.15 million tons, a 5.6% increase, at its Impala Rustenburg operations during the period.
3. Balance of trade
Balance of trade data for Septmeber is expected to be released on Wednesday. In August, trade balance shifted to a R8.79 billion surplus, from an upwardly revised R5.29 billion deficit in July.
Update to follow.
4. I&J and Karen Beef implicated for collusion
The Competition Commission has referred beef-processing companies Irvin & Johnson and Karan Beef to the Competition Tribunal for prosecution over cartel conduct. Both companies are being charged for dividing markets in the supply of beef products. Bloomberg is reporting that Karan Beef admitted guilt and paid an administrative penalty of R2.7 million.
5. Gambling revenues increase
On the back of a tough economy, gambling revenues are still seemingly on the increase. Gambling revenue increased by 3.5% in the last year to R18.5 billion to March 31. Moneyweb is however reporting that the casino industry is facing pressure, given the rise of illegal gambling practices.