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Blue Label reports R6.6bn loss, more than twice its market capitalisation

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Blue Label paid R5.5bn in August 2017 for its stake in Cell C, through its wholly owned subsidiary The Prepaid Company.

Cell C's financial woes have weighed on major shareholder Blue Label. Picture: THAPELO MOREBUDI

Blue Label holds a 45% stake in Cell C, which incurred trading losses of R1.56bn during the period, and impairments of R2.2bn. Cell C also de-recognised its deferred tax asset of R4.09bn, Blue Label said on Thursday. Blue Label paid R5.5bn in August 2017 for its stake in Cell C, through its wholly owned subsidiary The Prepaid Company , who’s share of the value-in-use of Cell C was R6.04bn at the start of the period, though this has been reduced to zero.

Excluding these impairments, the group grew its core headline earnings 26% to R904m, and HEPS would have been 98.98c.

 

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