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Monday Jun 22, 2020

Barloworld's earnings per share face a pummelling

Barloworld: The industrial company, in its half-first 2020 trading statement, reported that it was expecting its headline earnings per share to be between 238 cents and 285.60c, compared with 476c in the same period of the previous year. The company expected that its basic loss per share would be between 721.80c and 767.80c, compared with earnings per share of 438.10c last year. Barloworld said that Covid-19 had resulted in writedowns across its businesses.

City Lodge Hotels: The hotel chain, in its Covid-19 outbreak and liquidity update, stated that the company was in discussion with the group's funders, and in addition to existing undrawn facilities, further facilities of R200 million have been secured, ensuring sufficient liquidity for current requirements. The company reported that two hotels were serving as quarantine hotels and a further 21 hotels were open for stranded guests, essential services and business travel accommodation requirements.

Sasol: Sasol has received offers from firms, including the Ineos Group, for a large stake in its Lake Charles Chemicals Project in the US that it is selling to shore up its finances, according to people familiar with the matter.

Castleview Property Fund: Castleview Property Fund, which has the Pier 14 shopping centre in Port Elizabeth as its sole asset, has raised its total dividend for the year to end of February by more than a third due to increased sales by its tenants.

Transcend Property Fund: Specialised residential property fund Transcend said it had collected most of its rent for April and May, but it remained cautious about the effect Covid-19 will have on the economy. TymeBank: TymeBank was on track to have 2 million clients by August, a mark previously expected to be reached in December, according to parent company African Rainbow Capital Investments.

Cape Argus 17 Jun 2020


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