Blue Label expects earnings hike after Cell C writedown

] expects its earnings for the six months ended 30 November 2019 to increase by at least 20%, it said in a shareholder notice on Thursday afternoon."For the six months ended 30 November 2018, fair value losses totaling R493m [...] and the Group’s share of equity accounted losses in Cell C amounting to R133m were recognised.

, with revenue down 3% to R25.9bn. It had taken a battering from its 45% stake in Cell C, as well as reporting losses from GloCell and payment solutions group Oxigen India. Thursday's shareholder notice said basic earnings per share were expected to improve by at least 2.52 cents, headline earnings per share improving by at least 3.00 cents and core headline earnings per share improving by at least 2.28 cents.

"As the carrying value of Blue Label’s investment in Cell C was fully impaired for the year ended 31 May 2019, the financial results of Cell C during the current period will not have an impact on Blue Label's earnings for the current reporting period," Blue Label said. Read more about:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Hey, sitting ducks: Eskom wants another R27-billion from youEskom has been petitioned by 333,000 consumers protesting against its application to the regulator Nersa for R27-billion more in tariff hikes as the deadline for comments closed on Monday 20 January. .'In its various applications, Eskom baulks at trimming staff numbers, which would be difficult because of a militant and well-organised trade union sector. But it wants to pile the misery on to consumers through higher tariffs. Organised business has raised the red flag..'
Source: dailymaverick - 🏆 3. / 84 Read more »