Reunert forecasts earnings dip

Reunert has advised that it expects earnings per share for the year ended September 2012, to be between 17% and 22% lower than the 809 cents in 2011.

The group, with Reutech and Nashua in its stable, attributed the decline to the abnormal gain of R346.4 million from the sale of its investment in Nokia Siemens Networks South Africa in January 2011.

This transaction was excluded from the calculation of headline and normalised headline earnings per share in the comparable period in the prior year.

However, Reunert said that it expects that both headline earnings per share and normalised headline earnings per share will be between 7% and 12% higher than 598.3 cents and 590 cents, respectively, as achieved in the prior reporting period.

In full-year results for 2011, Reunert reported revenue of R10.92 billion and an operating profit of R1.39 billion. It also announced a final dividend of 253 cents, up from 220 cents in 2010.

The group is set to publish its results around 20 November.

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Reunert forecasts earnings dip