Gijima H1 HEPS seen at 3c – 3.15c vs 28.24c loss
Listed IT group Gijima (GIJ) said on Wednesday that it’s reported basic earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended December 2011 are expected to improve to between 3.00 cents and 3.15 cents from basic and headline loss per share of 28.25 cents and 28.24 cents respectively.
The group said that EPS and HEPS were positively impacted by a net 0.82 cents comprising of a number of once off items including the reversal of an accrual not expected to realise that was created in previous reporting periods; costs relating to the implementation of the new client centric business model; and unrealised foreign exchange rate losses on the translation of intercompany loan accounts.
The basic and headline loss per share reported for the comparative period included a once-off expense in terms of a settlement agreement reached with the Department of Home Affairs. “Should the impact of the once-off settlement expense be eliminated from the comparative period’s results, the expected improvement of EPS and HEPS to between 3.00 cents and 3.15 cents for the six months ended December 2011 occurs from a normalised basic and headline loss of 0.26 cents,” Gijima said.
The group said that the net effect of the six months’ trading is that cash balances have been improved from R86.5 million as at the company’s year ended June 2011, to R199.1 million at end December 2011.
It noted that its debt-to-equity ratio has improved to 101% from the 116% recorded at year end.
Gijima said it plans to publish its results on about February 21.
In afternoon trade, shares in the group slipped 1.64% to 60 cents on the JSE.
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