Remgro FY Earnings down 14% – Bloomberg

REMGRO yesterday said FY earnings declined on debt refinancing charges for MEDICLINIC INTERNATIONAL. The group posted a 14% drop in headline earnings to R4.4bn for the FY to end-Jun., on revenue up 23% to R16.45bn. The MEDICLINIC refinancing charges amounted to R1.3bn, led by “derecognition of the mark-to-market liability relating to the Swiss interest rate swap”, the company said. REMGRO CEO JANNIE DURAND noted that South African consumers are struggling, adding that “the trend has continued”. This news brief represents a summary of the original article.