Wal-Mart's South African Unit Reports Sharp Profit Fall In 1H 2015

Wal-Mart Stores Inc.'s South African wholesaler unit Massmart Holdings reported profits fell 30 percent in the first half of 2015, after dropping 26 percent during the same period in the previous year. Following the announcement, price of the company's shares dropped 11 percent, its biggest decline since February 28, 2001. Retailers in South Africa are dealing with adverse effects of high unemployment, short power supply, and rising fuel prices.