Company news in brief
Media24 to consider offers for Beeld
Media24 has, for the first time, stated it will consider "serious offers" to purchase its Afrikaans daily newspaper Beeld.
The announcement follows what the media group described as a "formal" and "concrete" offer from Capital Newspapers/Caxton to buy four newspapers that Media24 plans to close.
"Although we rejected the offer from Capital Newspapers/Caxton [to purchase On the Dot and Media24's portfolio of community newspapers], we invited them to make an offer for Beeld. We welcome reasonable and properly considered offers from all interested parties," Media24 CEO Ishmet Davidson said.
Last month, Media24 announced a major restructuring that could result in up to 400 job losses due to years of declining advertising and circulation.
The company plans to close the print editions of four newspapers, shut its SNL24 digital hub, offload its community newspaper portfolio, and sell its media logistics operation.
On Thursday, Davidson said the group would consider offers to buy Beeld to minimise job losses and keep the daily alive "as a brand that carries sentimental value". - Fin24
Anglo reports mixed results
Diversified mining group Anglo American reported a mixed bag for its range of commodities in its half-year to end-June but kept much of its full-year guidance unchanged, except for a cut to steelmaking coal.
The miner had to contend with lower commodity prices, including for iron ore, diamonds and platinum group metals.
However, it also reported record second-quarter production from its Minas-Rio iron ore mine in Brazil, while its copper output is ramping up as planned.
Production at its Australian steelmaking coal assets was 26% higher compared with the second quarter of 2023, but guidance for the second half of the year has been cut as a result of an underground fire at the Grosvenor mine which remains shuttered after the fire broke out last month.
Steelmaking coal production guidance for 2024 has been updated to exclude Grosvenor in the second half of the year given the current uncertainties, resulting in guidance of 14 million to 15.5 million tonnes, previously 15 to 17 million tonnes. - Fin24
Lower production at Amplats
Anglo American Platinum (Amplats), a subsidiary of Anglo, reported that production was 2% lower year-on-year in the second quarter at 921 000 ounces.
It warned in a separate statement that half-year headline earnings are expected to decrease by between 15% and 25%, or to as low as R5.9 billion.
This, Amplats said, is largely due to a 24% lower realised basket price, mainly dragged down by a 34% and 49% drop in the palladium and rhodium prices, respectively.
Production from own-managed mines picked up 10% in the second quarter relative to the first, while a decrease in revenue as a result of prices was partially offset by increased sales due to higher refined production and a drawdown in finished goods.
The platinum miner noted it had delivered cost savings in the first half of the year, in line its cost savings programme.
Amplats shares have lost about a third in the past year. - Fin24
Kumba maintains sales guidance
Anglo American subsidiary Kumba Iron Ore reported it received some relief from South Africa's logistics dysfunction in its second quarter.
Total production for the six months ended June decreased by 2% to 18.5 million tonnes, the group said in a statement, matching a 2% decrease in ore railed to port.
The group said that the benefit of a "proactive mini-shut and port equipment repairs" undertaken in April largely offset the impact of port equipment outages in the first quarter.
As a result, the group said it is maintaining its production and sales guidance for the full year of 35 million tonnes to 37 million tonnes, and 36 million to 38 million tonnes, respectively.
Despite this, the group also had to deal with a 26% fall in benchmark prices amid weak steel demand in Europe and China, and also warning that headline earnings are expected to fall by between 24% and 29%, to as low as about R6.85 billion. - Fin24
Netflix beats subscriber targets
Netflix said it added more than 8 million subscribers in its second quarter as the streaming service benefited from a password-sharing crackdown and the popularity of such titles as "Bridgerton," "Baby Reindeer" and "The Roast of Tom Brady."
While the subscriber gains topped analyst predictions of 5 million, Netflix issued cautious guidance for the third quarter and said its advertising business would not become a primary driver of revenue growth until at least 2026.
The company reported US$9.6 billion of revenue in the latest quarter.
At the end of June, the new sign-ups brought the total number of global Netflix subscribers to more than 277 million.
The company said it expects third-quarter revenue growth of 14% compared with a year ago.
The streaming video pioneer is facing saturation in the United States and plans to stop regularly reporting new subscriber additions next year.
Investors have been zeroing in on the company's relatively new advertising business as a potential source of growth. - Reuters
Media24 has, for the first time, stated it will consider "serious offers" to purchase its Afrikaans daily newspaper Beeld.
The announcement follows what the media group described as a "formal" and "concrete" offer from Capital Newspapers/Caxton to buy four newspapers that Media24 plans to close.
"Although we rejected the offer from Capital Newspapers/Caxton [to purchase On the Dot and Media24's portfolio of community newspapers], we invited them to make an offer for Beeld. We welcome reasonable and properly considered offers from all interested parties," Media24 CEO Ishmet Davidson said.
Last month, Media24 announced a major restructuring that could result in up to 400 job losses due to years of declining advertising and circulation.
The company plans to close the print editions of four newspapers, shut its SNL24 digital hub, offload its community newspaper portfolio, and sell its media logistics operation.
On Thursday, Davidson said the group would consider offers to buy Beeld to minimise job losses and keep the daily alive "as a brand that carries sentimental value". - Fin24
Anglo reports mixed results
Diversified mining group Anglo American reported a mixed bag for its range of commodities in its half-year to end-June but kept much of its full-year guidance unchanged, except for a cut to steelmaking coal.
The miner had to contend with lower commodity prices, including for iron ore, diamonds and platinum group metals.
However, it also reported record second-quarter production from its Minas-Rio iron ore mine in Brazil, while its copper output is ramping up as planned.
Production at its Australian steelmaking coal assets was 26% higher compared with the second quarter of 2023, but guidance for the second half of the year has been cut as a result of an underground fire at the Grosvenor mine which remains shuttered after the fire broke out last month.
Steelmaking coal production guidance for 2024 has been updated to exclude Grosvenor in the second half of the year given the current uncertainties, resulting in guidance of 14 million to 15.5 million tonnes, previously 15 to 17 million tonnes. - Fin24
Lower production at Amplats
Anglo American Platinum (Amplats), a subsidiary of Anglo, reported that production was 2% lower year-on-year in the second quarter at 921 000 ounces.
It warned in a separate statement that half-year headline earnings are expected to decrease by between 15% and 25%, or to as low as R5.9 billion.
This, Amplats said, is largely due to a 24% lower realised basket price, mainly dragged down by a 34% and 49% drop in the palladium and rhodium prices, respectively.
Production from own-managed mines picked up 10% in the second quarter relative to the first, while a decrease in revenue as a result of prices was partially offset by increased sales due to higher refined production and a drawdown in finished goods.
The platinum miner noted it had delivered cost savings in the first half of the year, in line its cost savings programme.
Amplats shares have lost about a third in the past year. - Fin24
Kumba maintains sales guidance
Anglo American subsidiary Kumba Iron Ore reported it received some relief from South Africa's logistics dysfunction in its second quarter.
Total production for the six months ended June decreased by 2% to 18.5 million tonnes, the group said in a statement, matching a 2% decrease in ore railed to port.
The group said that the benefit of a "proactive mini-shut and port equipment repairs" undertaken in April largely offset the impact of port equipment outages in the first quarter.
As a result, the group said it is maintaining its production and sales guidance for the full year of 35 million tonnes to 37 million tonnes, and 36 million to 38 million tonnes, respectively.
Despite this, the group also had to deal with a 26% fall in benchmark prices amid weak steel demand in Europe and China, and also warning that headline earnings are expected to fall by between 24% and 29%, to as low as about R6.85 billion. - Fin24
Netflix beats subscriber targets
Netflix said it added more than 8 million subscribers in its second quarter as the streaming service benefited from a password-sharing crackdown and the popularity of such titles as "Bridgerton," "Baby Reindeer" and "The Roast of Tom Brady."
While the subscriber gains topped analyst predictions of 5 million, Netflix issued cautious guidance for the third quarter and said its advertising business would not become a primary driver of revenue growth until at least 2026.
The company reported US$9.6 billion of revenue in the latest quarter.
At the end of June, the new sign-ups brought the total number of global Netflix subscribers to more than 277 million.
The company said it expects third-quarter revenue growth of 14% compared with a year ago.
The streaming video pioneer is facing saturation in the United States and plans to stop regularly reporting new subscriber additions next year.
Investors have been zeroing in on the company's relatively new advertising business as a potential source of growth. - Reuters
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