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Blackstar Group hurt by weakening Rand

BLCK : Blackstar Group hurt by weakening Rand

Blackstar Group’s interims, covering the six months ended 30 June 2014, show its net asset value rising by 4.3% in Rand terms but by just 0.1% in Sterling terms as the Rand weakened vs. Sterling over the first half of 2014.

Blackstar says it increased its stake in Times Media Group Limited during the period, using debt to fund the transaction but has managed to repay around half of this already, leaving a net increase in debt of R77.6m (£4.5m). Within the portfolio they say both Global Roofing Solutions (Pty) Limited and Stalcor (Pty) Limited performed “exceptionally well” over the period.

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