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PRESS RELEASE - CHAIRMAN'S STATEMENT AT PPC AGM

Release Date: 18/01/1999 14:10
Code(s): PPC
Wrap Text
PRETORIA PORTLAND CEMENT COMPANY LIMITED
CHAIRMAN'S STATEMENT AT PPC AGM

COMMENTING ON MARKET CONDITIONS AT PPC'S ANNUAL GENERAL MEETING, CHAIRMAN WARREN CLEWLOW TODAY SAID:
THE GENERAL ECONOMIC SLOWDOWN AND HIGH INTEREST RATES HAVE IMPACTED SEVERELY ON BUILDING AND CONSTRUCTION ACTIVITY WITH THE POSTPONEMENT AND CANCELLATION OF MANY PROJECTS. AS A RESULT, NATIONAL CEMENT DEMAND FOR THE THREE MONTHS TO DECEMBER 1998 WAS 6% BELOW THE SAME PERIOD LAST YEAR. NATIONAL LIME AND DOLOMITE VOLUMES ARE ALSO BELOW THE SAME PERIOD LAST YEAR AND REFLECT THE GENERAL ECONOMIC ENVIRONMENT IN SOUTH AFRICA.
EARNINGS IN THE DECEMBER QUARTER HAVE BEEN IN LINE WITH OUR EXPECTATIONS BUT EARNINGS FOR THE HALF YEAR WILL BE LOWER THAN THE STRONG PERFORMANCE ACHIEVED LAST YEAR. ENDS

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