The cement maker expects to report writedowns due to a deteriorating economic environment
The share of cement maker PPC had its best performance in over a month on Thursday. That was after it reported a recovery in demand in June as SA’s lockdown eased, although that was largely due to limited competition from exports.
Cement sales volumes picked up by double digits in June, the group said, but this had been “mostly driven by the absence of imports that has given an opportunity for local producers like PPC SA to grow”. Volumes had fallen by between 30% and 35% year on year in May, the group said, adding it was still assessing the effect of the Covid-19 pandemic and a deteriorating economic environment in its business.
On the back of the improved sales volumes and the various cost and cash preservation measures, cash flows for the last two months “have shown a positive trajectory”, the group said.
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