Share

Lonrho reverses losses

Johannesburg- Lonrho [JSE:LAF], the conglomerate focused on investing in and building businesses in Africa, on Monday posted a profit before tax on continuing operations of £500 000 for the year ended September, compared to a loss of £5.9m in 2009.

Turnover on continuing operations increased by 20% to £107.8m - up from £89.7m in 2009. Net assets increased to £127.7m from £81.1m in 2009.

The group, which has continued to develop its investments in agribusiness, infrastructure, transportation, hotels and support services, said trading results remain in line with the company's expectations.

The year has seen strong growth in the existing businesses and Lonrho made several complementary strategic acquisitions to further develop its core divisions.

David Lenigas, executive chairperson of Lonrho, commented it had been a strong year for Lonrho.

"The foundations are already in place in each group division to deliver the budgeted expansion in the coming year. We are seeing growing demand for our core services across all the 17 countries in which Lonrho operates."

He said there was "real progress" in Africa, stimulated by the booming oil and mineral industries which are driving economic growth.

Concerns about global food shortages are stimulating the agriculture sector, he said.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.95
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.42
+0.1%
Rand - Aus dollar
12.34
+0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent-ruolie
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders