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PPC’s earnings slump amid Zimbabwean hyperinflation

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Group revenue declines 12% in the cement maker's six months to end-September

Cement-maker PPC said on Wednesday a weak building market in SA and hyperinflation in Zimbabwe resulted in a double-digit decline in revenue for its six months to end-September.

The group is planning to ramp up cost-cutting efforts in SA, having reported a 12% decline in revenue to about R4.95bn in its half-year.Excluding Zimbabwe, where inflation has risen to about 150%, group revenue would have declined 1%, PPC said on Wednesday. Volumes had declined by 30%-35% in Zimbabwe, with revenue halving, with that division also subject to regular power outages.The company fared better in Rwanda and the Democratic Republic of the Congo , seeing revenue growth of 28% and 26% respectively.

“The positive operations results in Rwanda and Democratic Republic of the Congo have partially offset difficult and competitive market conditions in SA and Zimbabwe,” said CEO Roland van Wijnen. “We remain focused on cost reductions and have achieved cost savings of R65/ton in SA, as part of R70/ton programme announced in 2017,” said Van Wijnen.

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