JOHANNESBURG: South African logistics company Imperial Holdings Ltd reported a 6 percent increase in half-year profit as lower demand for the vehicles it imports and a weakening currency ate into its earnings at home.
The company on Tuesday reported headline earnings per share of 801 cents for the six months ended December, compared with 759 cents a year ago.
Headline EPS is the most widely watched profit gauge in South Africa and strips out certain one-off items. Sales of both directly imported vehicles and pre-owned vehicles were lower than the previous year, the company said.
Imperial, which imports auto brands such as Mitsubishi and Kia, said it was making progress to decouple the group’s performance from the weakness of South Africa’s rand as it expands its business in the rest of Africa.
The company, which last year sold its stake in a short-term insurance unit in its home market and disposed of assets in Germany, said it would continue sale of non-core and underperforming assets.
