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.
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