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HCI REPORTS INCREASED REVENUE

17 May General

Investment holding company Hosken Consolidated Investments has reported a 13.2% increase in revenue to R7.09 billion for the year ended March 31. Operating profit was up 17% to R1.12 billion.

Headline earnings per share gained 40.1% to 776.97 cents.

The directors of HCI resolved to declare ordinary dividend number 45 of 70 cents (gross) per HCI share.

The 2012 financial year has seen the group’s headline earnings exceed a billion rand for the first time, it said.

“This is a good result and is a significant milestone in the growth of the group,” HCI commented.

The group’s major assets continued to perform well with Tsogo Sun lifting its adjusted headline earnings per share by 12% and Sabido also by 12%.

Golden Arrow Bus Services was forced to give up some of the 57% growth it turned in a year ago and slid by 17% on last year.

Start-up assets likewise did well with mining growing its PBT to R42.5 million from R17.7 million last year, Vukani weighed in at R86 million from R56.3 million previously and Bingo reduced its losses before tax to R1.8 million from R8.9 million in 2011.

The group noted that it had struggled with its turnaround businesses this year.

Seardel had a disappointing year in its clothing division, forcing it to retrench about 1,500 workers.

Formex continued to slowly trade itself out of its difficulties.

“Montauk improved its EBITDA but the virtual collapse of the price of natural gas in the US after the warmest winter in living memory obliged us to impair its assets significantly as clearly it will struggle at these selling prices,” the company said.

KWV likewise struggled to make money, the company said.

“The year has seen us clean up a number of difficult loose ends including various tax issues inherited via our takeover of Johnnic some years ago, significant litigation to reclaim mining rights wrongfully given to a state-owned entity instead of our coal subsidiary and the recovery of properties we believed were corporate opportunities wrongfully taken from Seardel,” HCI added.

Business Live – I-Net Bridge