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Johannesburg - Transport and logistics group Imperial Holdings posted a 17% rise in first-half profit, helped partly by costs cuts in its auto dealerships unit.
Imperial, which also operates car rental and provides logistic services, said headline earnings per share rose to 506c in the year to the end of December, in line with its forecast range of 476c-521c.
Imperial has suffered torrid times as high interest rates in the past few years in South Africa hit new vehicle sales and slowed demand for car rentals, while the economic downturn cut freight volumes for its logistics unit
The company said it expects to maintain this performance for the rest of year as it forecast an improvement in new vehicle sales and tourism thanks to the Fifa 2010 World Cup.
South Africa's new vehicle sales rose in the year to January, the first annual increase in 33 months, marking a turnaround in a sector hit by depressed demand because of the weak economy.
- Reuters