Cashbuild interim earnings down 11%

Southern
Africa’s largest retailer of buildingmaterials
and associated productsCashbuild on
Tuesday reported an 11% decrease in interim headline earnings per share.

Cashbuild still
declared an interim dividend of 435c per ordinary share for the six months
to December.

It said revenue for the period increased by 3%, with revenue
for stores in existence prior to July 2017 remaining the same while that for 33
new stores since then provided the rise.

“Notwithstanding this, the increase in revenue did not
compensate for the increased expenses, resulting in the operating profit
decreasing by 12%,” Cashbuild said.

Cashbuild said
it would continue its store expansion, relocation and refurbishment strategy in
a controlled manner.

It said group revenue for the subsequent six weeks after half year end had decreased by 1% on the comparable six week period and that it believed trading conditions would remain extremely challenging. https://www.iol.co.za/business-report/companies/cashbuild-interim-earnings-down-11-19513390