high unemployment - South Africa

PPC profit slumps 38%: The labour-intensive building industry is critical to Africa's biggest economy, which is struggling with a high unemployment rate

Johannesburg - Pretoria Portland Cement [JSE:PPC] reported a 38% drop in first-half earnings on Tuesday, hit by continued weakness in the country's construction industry.

PPC, South Africa's biggest cement producer, said headline earnings per share fell to 71.3c in the six months to end-March, compared with 114.3c a year earlier.
Headline EPS, the main measure of profit in South Africa, excludes certain one-time items.

South Africa's construction industry, which was shielded from the worst of the global economic crisis because of big World Cup projects, is struggling to bounce back as the government and private sector tighten purse strings.

The labour-intensive building industry is critical to Africa's biggest economy, which is struggling with a high unemployment rate.

Keywords - Africa struggling with a high unemployment rate, unemployment, Africa, building industry, government, job creation, @moladi, #moladi, moladi

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