Stefanutti Stocks doubles operating profits, eyes Kusile closure

Embattled construction and engineering group Stefanutti Stocks said on Thursday it had managed to more than double its operating profit in its year to end-February, also inking deals with lenders to extend the payment of its hefty loans.

It is also eyeing a possible resolution amid a R1.6-billion claim, excluding interest, related to work done at the Kusile power station. An adjudicated decision is expected in the third quarter of 2024, though it may still go to arbitration. Stefanutti, valued at only R207 million, employs over 5 000 people directly and is in the midst of a protracted restructuring process. Like its industry peers, it was hit by a downturn in SA's construction market that followed the 2010 FIFA World Cup.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks rise on earnings optimism as US data approachesAsian equities extended the week's gains Wednesday following a strong rally on Wall Street and another record in London, as traders cheered more upbeat earnings reports and data indicating a slowdown in US economic activity.
Source: brieflyza - 🏆 10. / 68 Read more »

Yen slides to fresh 34-year low against dollar, stocks rallyThe yen slumped to a fresh 34-year low against the dollar on Monday, fuelling expectations Japanese authorities would step in to support their currency for the first time since late 2022. The yen slipped to 160.17 to the greenback in morning trade, stirring speculation that Japanese authorities would intervene to arrest its slide.
Source: brieflyza - 🏆 10. / 68 Read more »