Verimark slides on lower profit
IOL Business/ Reuters - May 28th, 10:00
Johannesburg - Shares of Verimark Holdings drop 4.5 percent to 126.40 rand after the South African retailer of “as seen on TV” products says full-year profit dropped by more than two-thirds, as a weaker rand weighed on sales and margins.
A weak rand is a negative for Verimark and other importers, as it drives up the cost of overseas purchases.
Verimark, whose products include the “Floorwiz” mop and the “Pentagon”, a hair trimmer that converts into an electric toothbrush, said headline earnings per share totalled 8.4 cents for the year to end-February, from 25.8 cents a year earlier.
The company also says it will not pay a year-end dividend. - Reuters
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