Business brief | Gold Fields slips and Toyota scraps chair at scandal-hit Daihatsu | Business


In a reasonably slow day for corporate news, Gold Fields slipped despite saying it mostly met its guidance. In international news, Japanese carmaker Toyota has made board changes at subsidiary Daihatsu, including scrapping its chair position, amid an embarrassing scandal over faked safety tests.

Global miner Gold Fields said on Tuesday its attributable production is expected to fall 4% to about 2.3 million ounces in its year to end-December, with production 99.7% of guidance, while costs were within guidance. The miner, which has only one remaining mine in SA – South Deep – still expects headline earnings per share to fall by between 18% to 24%, having benefited in 2022 from a one-off break fee related to its failed acquisition of Yamana Gold. The company, like its peers, enjoyed the benefits of a rising price for the precious metal in 2023, and its shares have risen by about a third in the past year. They slipped almost 3% on Tuesday.

SA’s largest building materials retailer Cashbuild warned shareholders to expect a fall in headline earnings per share of between 15% and 20% in its half-year to 24 December, or as low as about 520c. Earnings per share could fall to 0c, meanwhile, due to writedowns to P&L Hardware owing to the current constrained economic environment. Cashbuild’s model is based on selling directly to a cash-paying customer through its more than 300 stores, which also includes about 50 P&L Hardware outlets, aimed at the lower end of the market. The company had also written down P&L in its 2023 year, when its profit had fallen by almost three-quarters. Shares in Cashbuild lost 4% on Tuesday and have given back almost a quarter in the past twelve months.

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