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In a busier day for corporate news, happily a list of companies - including Lesaka, KAL, enX, Sappi, and Pan African Resources - reported profit growth, or improved losses. In international news, Mitsubishi Motors has been hit for R1 billion in damages over a US car crash, though it intends to appeal.
Lesaka Technologies, formerly Net1, said on Thursday its net loss improved about 27% to R76.4 million in its third quarter to end-March, with revenue picking up 9% to R2.6 billion. The group's consumer division grew revenue by almost a fifth due to higher transaction fees generated from the higher EPE account holders base, insurance premiums collected and lending revenues following an increase in loan originations. Sales in its much bigger merchant division grew 8%, boosted by an increase in prepaid airtime vouchers sold and other value-added services provided, which was partially offset by a lower number of hardware sales in its POS hardware distribution business. The group also managed to book positive operating income of R15 million, from a loss of R33 million previously. Lesaka surged 12% on Thursday and has risen by about 30% in the past year. On Thursday, it had announced an agreement to pick up payments firm Adumo for R1.59 billion in a cash-and-share deal that brings in Patrice Motsepe's African Rainbow Capital (ARC) as an investor.
