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:

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