In a very busy day of corporate news, SA platinum miners spoke at length about cost and price pains. In international news, global steel giant ArcelorMittal reported lower profits after the hit in Kazakhstan, although it still performed better than its local unit.
impala platinum It warned that overall profit for the six months to the end of December was expected to fall by 75% to 82% to between R2.5 billion and R3.5 billion. The decrease in net income was primarily due to lower revenue due to a 37% decrease in earned dollar revenue per ounce sold for the six metal baskets, partially offset by an 8% depreciation in the rand. Benefiting from Impala Bafokeng's first interim consolidation and improved business momentum, sales volumes increased by his 12%. Implats was down just over 1% on Thursday and has fallen by almost two-thirds over the past year.
DStv and Showmax owner MultiChoice The company announced that it had reached an agreement with the Nigerian tax authority over a long-standing tax dispute, agreeing to pay 35.4 billion Nigerian naira or $37.3 million, the latter of which is approximately R705 million. The agreement will be set off against any deposits or good faith payments made to date that are expected to exceed this amount, and the media group said the agreement is free of “prejudice or precedent”, i.e. without confession. It states that it refers to an agreement aimed at resolving a dispute. Of guilt. The digital satellite services provider had challenged Nigeria's Federal Inland Revenue Service over its tax bill after FIRS accused it of failing to pay taxes and denying auditors access to its servers. MultiChoice Nigeria was embroiled in a dispute over taxes worth more than 1.8 trillion naira (currently equivalent to about R24 billion), but an agreement was reached in early 2022, with the group dropping the lawsuit and Nigerian authorities The audit has been resumed. Nigeria's naira has been struggling for months amid a shortage of dollars in the country. MultiChoice rose 1% on Thursday.
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