Imperial earnings down, shares fall
Fin24 - Aug 27th 2014, 11:14
Johannesburg - Auto dealer and logistics group Imperial Holdings [JSE:IPL] reported a 7% drop in full-year profit on Wednesday, as a weakening rand weighed on its auto importing business.
Shares of Imperial fell more than 3% in early trade after the company flagged further pain in the near future.
"The short term outlook is daunting," it said in a statement, adding it expects a decline in earnings for the first half of 2015 from the currency impact.
Imperial said diluted headline earnings per share totalled R1.606 in the ear to end-June, from R1.731 a year earlier.
Profits from its vehicle import business were "severely depressed" by the knock-on effect from the weakening of the rand during 2013, Imperial said.
During that time, the rand fell as much as 30% against a basket of currencies, the company said.
Imperial is a major importer of nearly 20 auto and industrial vehicle brands, including Kia and Mitsubishi cars and Crown forklifts.
Shares of the company were down 2.2% at 190.90 rand at 09:27 after earlier falling more than 3%.From Fin24.com
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