Five things making headlines in South Africa today

April manufacturing output increases, Stenprop and Brikor release results, Steinhoff gets support letters, SA’s reserves fall.
Steinhoff International says it has received creditor support for two finance vehicles. Picture: Bloomberg

Here’s what caught our attention on Thursday:

1. April manufacturing data

Manufacturing output expanded 1.1% in April, data from Stats SA shows. In March 2018, manufacturing production fell 1.3% year-on-year, following a downwardly revised gain of 0.5% in February 2018, data from Trading Economics shows.

Read: April manufacturing inches up, points to slow economic recovery

2. Stenprop results

Industrial business, Stenprop which has presence in Switzerland, UK and Germany, released its financial results for the year ended March 31 2018. The company is reporting a £1.41 in diluted net asset value (NAV), 9.09 pence in diluted adjusted earnings per share, while a 4.0 pence final dividend per share has been declared. The company’s strategy is to grow its base in the UK, sell most or all of its non-MLI assets and to reduce total borrowings.  

3. Steinhoff gets creditor support

Steinhoff International announced via Sens that the formal letters of support to SEAG and Holdings will come into effect on Thursday. The two companies are the principal finance companies of Steinhoff’s European business, according to a statement on Sens. The support letters underline support of the relevant creditors, and for Steinhoff to effectively carry out its restructuring plan.

Read: Steinhoff soars on support for standstill from most creditors

4. Brikor results

Manufacturer and supplier of building materials says for the financial year ended February 28 2018, the company’s revenue increased by 8.4% to R273 million. Ebitda increased by 55.0% to R48 million. Headline earnings decreased by 54.4% to R15 million, while headline earnings per share decreased by 53.8% to 2.4 cents per share. Earnings per share also decreased 54.9% to 2.3 cents per share. No dividend has been declared for the period under review.

5. SA foreign reserves falls in May

Data from the South African Reserve Bank shows that South Africa’s net foreign reserves fell to $42 872 billion in May from $42 115 billion in April. Reuters is also reporting that gross reserves rose to $51.146 billion from $49.539 billion. 

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