Combined Motor Holdings earnings fall amid economic ‘onslaught’

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Headline earnings per share fall 8.3% even as revenue grows 5.5%

Combined Motor Holdings CEO Jebb McIntosh. Picture: FINANCIAL MAIL

“The widespread corruption, mismanagement of state-owned enterprises, uncertainty regarding land expropriation threats, and political leadership focused on short-term tactics ahead of the election, have combined to reduce business confidence to near all-time lows,” CEO Jebb McIntosh said. Revenues were up due to a “slight increase” in vehicle sales volumes, a greater mix of higher-priced luxury models, and new vehicle prices being 2% to 3% higher. But margins fell amid heightened competition, he said.“It is not easy to be optimistic about the short-term future of the domestic market,” McIntosh said.

 

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