MONDAY, 12.45PM:
AFRICAN Explosives and Chemical Industries (AECI) has reported a 14% drop in full-year earnings, but says it will return to a real earnings growth this year.
Group managing director Mike Smith attributed the earnings drop to R187-million lost at the Kynoch fertiliser plant through production difficulties and low nitrogen prices.
Most of the group’s other operations performed healthily, with a collective increase in trading profit of 23%, or R117-million.