Company News in Brief
KAP Industrial expects drop in earnings
Diversified group KAP Industrial, whose interests range from mattresses and timber products to chemicals, warned shareholder that they can expect a decrease in headline earnings per share of between 19% and 23% for its six months to end December. Earnings were negatively impacted by the ramp-up of PG Bison's new medium-density fibreboard line which commenced in July 2024, it said. "Plant utilisation, sales volumes and product pricing associated with the newline were not yet optimal due to the ramp-up process and therefore insufficient to offset the higher operating and finance costs related to the new line," it said. "The line is operating well, and good progress is being made on selling the additional volume. The ramp-up impact on earnings is not unusual for projects of this scale."
-FIN24
Trellidor optimistic about earnings
Durban-based security and decorative blinds group Trellidor Holdings flagged a between 33% and 43% rise in headline earnings per share for its six months to end December. This performance was largely driven by its UK division, it said, along with improved performances from its Taylor blinds and shutters business, and NMC, which is an importer and distributor of premium cornicing and skirting products.
-FIN24
Commerzbank readies for staff cuts
Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit, multiple people with direct knowledge of the plans told Reuters. Four of them said, however, the measures would be more evolutionary than radical, while some conceded that a takeover of the German bank, which saw its stock price jump by 50% since UniCredit first signalled interest, may be hard to stop. The battle for Commerzbank, pitting one of Italy's biggest banks against the German establishment, has become a test case of the country's ability to fend off foreign suitors and prevent its financial centre from losing one of its few remaining big commercial banks. The job cuts will amount to several thousand people, two of the people said, while a third said they would number between 3 000 and 4 000 people out of a workforce of some 42 000 employees. - Reuters
Diversified group KAP Industrial, whose interests range from mattresses and timber products to chemicals, warned shareholder that they can expect a decrease in headline earnings per share of between 19% and 23% for its six months to end December. Earnings were negatively impacted by the ramp-up of PG Bison's new medium-density fibreboard line which commenced in July 2024, it said. "Plant utilisation, sales volumes and product pricing associated with the newline were not yet optimal due to the ramp-up process and therefore insufficient to offset the higher operating and finance costs related to the new line," it said. "The line is operating well, and good progress is being made on selling the additional volume. The ramp-up impact on earnings is not unusual for projects of this scale."
-FIN24
Trellidor optimistic about earnings
Durban-based security and decorative blinds group Trellidor Holdings flagged a between 33% and 43% rise in headline earnings per share for its six months to end December. This performance was largely driven by its UK division, it said, along with improved performances from its Taylor blinds and shutters business, and NMC, which is an importer and distributor of premium cornicing and skirting products.
-FIN24
Commerzbank readies for staff cuts
Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit, multiple people with direct knowledge of the plans told Reuters. Four of them said, however, the measures would be more evolutionary than radical, while some conceded that a takeover of the German bank, which saw its stock price jump by 50% since UniCredit first signalled interest, may be hard to stop. The battle for Commerzbank, pitting one of Italy's biggest banks against the German establishment, has become a test case of the country's ability to fend off foreign suitors and prevent its financial centre from losing one of its few remaining big commercial banks. The job cuts will amount to several thousand people, two of the people said, while a third said they would number between 3 000 and 4 000 people out of a workforce of some 42 000 employees. - Reuters
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