Brexit spells trouble for SA banks, economy - Moneyweb
Following the market-spinning Brexit vote, commentators warn that Britain could slip into recession and that London may lose its status as a global financial centre, particularly if the UK loses the easy access to European markets that it has enjoyed for 43 years. As a result, local banks and insurers, particularly those with UK exposure, face challenging times. Justin Floor comments. View article
Auditor disclaimer and profit dip tank PPC - Business Day Live
Cement maker PPC on Tuesday scrapped its dividend payment for the first time as it posted a sharp drop in profits in the interim period to March. SA’s largest cement manufacturer also made public a disclaimer stating that auditor Deloitte & Touche could not draw a conclusion on its ability to continue as a going concern. Victor Seanie comments. View article
Land sweetens pot for Tongaat Hulett - Business Times
In the year to end-March, Tongaat Hulett generated R1.115-billion of profit from the sale of 121 developable hectares of land, an increase from R829-million from a sale of 108ha last year. Against the backdrop of severe drought in KwaZulu-Natal, the company’s sugar operation profit fell to R124-million from R806-million the year before. However, CEO Peter Staude says the most recent financial results do not mean that Tongaat has become a land development company. Dirk van Vlaanderen comments.