Company news in brief

Solid core businesses boost Libstar earningsSouth African food producer Libstar Holdings Ltd said yesterday its normalised earnings rose 12.4% in the first half, helped by a strong performance in most of its divisions.Libstar, which produces fresh foods, including mushrooms, cheeses and ready meals, snacks and confectionery and baked goods, said normalised headline earnings per share (HEPS) from continuing operations rose to 30.9 cents, in the six months ended June 30, from 27.5 cents in the year-ago period.Group revenue rose 4.6%, with organic revenue growth from its core businesses up 5.3% due to rising sales of baked goods and an increase in exports of dry spices and seasonings.But revenue from its non-core businesses, including natural and flavoured waters and food packaging, which represent 12% of group revenue, fell by 1.5% due to weaker outsourcing and export markets.In the coming six months Libstar plans to spend a further R57 million at dairy producer Lancewood, R26 million at ready-to-eat foods business Millennium Foods and R15 million at Ambassador Foods to upgrade their facilities, chief executive Andries van Rensburg said. – Nampa/ReutersAspen lowers debt, shares jumpAspen Pharmacare Holdings Ltd said its debt as of 30 June 30 had fallen below R40 billion and that levels were safely below a covenant threshold, sending shares in the South African drugmaker up more than 9%.The firm, which has a market value of R35 billion, built up debt as it shifted from being a mainly generics business in a few countries into a multinational with specialist therapies, including for thrombosis.Aspen's debt stood at R53.5 billion at the end of 2018, more than six times than in 2013, when it went on an acquisition spree, snapping up blood-clot treatment brands, a manufacturing plant from GlaxoSmithKline and the rights to anaesthetics from AstraZeneca.Investors have been concerned about Aspen's rising debt for about a year, when levels moved close to breaching debt covenants. Its shares have tumbled nearly 70% since September 2018, when the company said it was selling its infant formula business.The leverage ratio, which assesses the ability of a firm to meet its financial obligations, is expected to end between 3.60x and 3.70x against a covenant threshold of 4.0x, it said in a trading statement. – Nampa/ReutersIndian court rejects AB InBev's pleaAn Indian court on Tuesday rejected a request from Anheuser-Busch InBev to stay a three-year sales ban imposed by New Delhi city authorities, dealing another setback for the world's largest brewer in one of the country's key markets.Authorities in New Delhi barred AB InBev in July from selling its beer in the New Delhi market on allegations of evading local state taxes. The company has denied the allegations.The city government's ban order followed a three-year investigation which found that beer maker SABMiller – acquired by AB InBev in 2016 for around US$100 billion - used duplicate barcodes on its beer bottles supplied to city retailers that year, allowing it to pay lower levies.AB InBev, which counts popular beer brands such as Budweiser, Hoegaarden and Stella Artois in its portfolio, said on Tuesday it was contesting the allegations which were dated back to 2016, before its takeover of SABMiller.On Tuesday, the Delhi city government's counsel referred to the case as one involving "clandestine" dealings, arguing that the brewer had not completed its appeals proceedings with the state which will next be heard on 9 September. – Nampa/ReutersWalmart to stop selling ammunitionWalmart Inc said on Tuesday it would stop selling ammunition for handguns and some assault-style rifles in all its stores across the United States, calling for national action on gun safety after a string of mass shootings, including two at Walmart stores in Texas and Mississippi.Walmart is among US companies, such as Delta Air Lines and Bank of America, that increasingly are responding to the debate over guns and gun safety as mass shootings have proliferated, risking backlash from powerful national gun owners' groups while elected leaders consider options.The latest move will leave Walmart focused on weapons for hunting, including deer rifles, shotguns and related ammunition.The company said its latest actions would reduce its share of the ammunition market from around 20% to a range of about 6% to 9%, and would trend toward the lower end of that range over time.US gun and ammunition stores had total sales of about US$11 billion last year, of which 19% was ammunition, according to market research firm IBISWorld. – Nampa/ReutersTotal to invest billions in North SeaFrench energy producer Total could invest up to US$10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency, chief executive officer Patrick Pouyanne said on Tuesday.As part of its efforts to cut costs the company had looked at joint oil and gas infrastructure decommissioning in the region with peers Shell and BP, Pouyanne told an industry conference in Aberdeen, Scotland.He added that Total intended to participate in an upcoming offshore wind bid round in Scotland as the firm continues to expand investments in low carbon and renewable energy.Total was not limited by funds to invest in low carbon power projects, but by the capacity to develop projects, he said. – Nampa/Reuters

Company news in brief

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