Today's Labour News

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DisChemFin24 reports that while pharmacy group Dis-Chem saw its revenue grow by 13% to R11.8bn in the six months to end-August, its profit declined by a large margin due to costs related to a months-long strike that started at the end of 2018.  

Its headline earnings fell by 39% as its expenses climbed over the six months due to strike-related costs, including additional security.  Its profit was also dented by a change in the group’s bonus policy.  Previously it expensed the full bonus amount when paid in December of each year, but the bonus is now evenly accrued throughout the financial period.  In addition, its net finance costs increased by almost 21% to R202 million.  CEO Ivan Saltzman said in a statement:  “The labour issues that led to strikes across two consecutive financial years have been settled and we are actively rebuilding the relationship with distribution staff so that they understand the culture of our brand and our commitment to values that I, together with my partners, have built over many years.”

  • Read the full original of the report in the above regard at Fin24

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