Shares\u00a0in listed ICT group Reunert, slumped in afternoon trade on the JSE on Monday (6 May), after the group announced on Friday that it expects\u00a0to see a fall in interim earnings.<\/p>\n
By 15h30, Reunert lost R3.91 or 5.09% to R72.88 on the local bourse, having lost R3.39 on Friday (3 May). The company is some way off its 52 week best of R87.91, but boasts a market cap of R14.63 billion and a\u00a0P\/E Ratio of 11.66.<\/p>\n
Reunert, the group behind the Nashua brand,\u00a0said on Friday, that it expects earnings per share and headline earnings per share for the six months ended March 2013, will be between 13% and 17% lower than in 2012, citing a slower local economy.<\/p>\n
Reunert says normalised headline earnings per share will be between 12% and 16% lower than the corresponding reporting period of the previous year.<\/p>\n
In its interim period in 2012, Reunert reported normalised headline earnings per share to 298 cents, while revenue increased by 10% to R5.7 billio.<\/p>\n
Operating profit grew by 18% to R736 million and the group increased its interim dividend to 95 cents per share<\/p>\n
The key reasons for the decline in earnings are:<\/p>\n
\u201cThe combination of these factors has resulted in lower revenue for the six months and a consequent decrease in earnings,\u201d Reunert said.<\/p>\n
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