South Africa: AGI Blames Loss on Roodekop Snags, Power Cuts

Glass and aluminium company AG Industries (AGI) yesterday reported a headline loss of 15,4c per share for the year to June, saying the "year under review continued to be difficult" for the South African operations.

The company said the results were influenced by operational problems at the Roodekop manufacturing facility near Johannesburg, which started having a "material impact on both operating revenues and margins" from January last year onwards.

AGI said that as expected these problems had resulted in a loss in this division of about R37m for the year. While action had been taken, the problems had been resolved only by the end of January this year.

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