South African Iscor raises profits by June 30
Iscor has reported a net operating profit of ZAR 1.308 million for the financial year ending June 30, 2002, more than double the ZAR 609 million for the same period last year. According to reports the net operating profit is up by 115%, headline earnings improved by ZAR 643 million, headline profits per share 139 cents against previous loss. The company's revenue grew by 30% to ZAR 14.188 up from ZAR 10.883 for the previous year. The reline of Corex provided an output rise of 17% in July. Integration with Saldanha Steel also contributed with benefits. LNM holding in the mean time has not yet stated whether it will definately buy more shares and pass the 35% threshold in Iscor which would oblige them to make a public offering for the whole company.