Earnings at Eqstra Holdings drop 26.3% to 76.7c
Full-year headline earnings per share (HEPS) at diversified industrial logistics group Eqstra Holdings were down 26.3% to 76.7c for the year to June‚ although revenue was up by 9.8% to R9.9bn.
Eqstra Holdings says its contract mining division was hurt by labour disruptions in the mining sector. Image: Eqstra Holdings
The company said its operating profit decreased 9.6% to R938m because a number of material events resulted in the decrease in headline earnings per share. These included an impairment of Eqstra's R63m investment in Protech Khuthele Holdings following their voluntary liquidation order.
Fleet management and logistics‚ and industrial equipment increased revenue and profitability but performance at the contract mining and plant rental division was negatively impacted by industrial action.
Revenue-generating assets (leasing assets and finance lease receivables)‚ which are the foundation of the group's business model‚ increased by R456m or 4.8% to R10bn‚ with an increase recorded in industrial equipment and fleet management and logistics.
Net finance costs increased by 11% to R603m as average debt levels increased during the year.
Source: I-Net Bridge
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