AVI sees earnings rise of at least 23%
FMCG SUPPLIER NEWS
Fin24 - Jun 23rd 2011, 12:00
Johannesburg - Consumer group AVI expects consolidated headline earnings per share for the year to June to increase by between 23% and 33%, compared with the previous year.
Consolidated earnings per share (EPS) for the continuing operations, including net capital losses on the disposal of assets, were expected to reflect an increase of between 23% and 33% over the comparative period a year ago.
In terms of discontinued operations, I&J, a division of the group, sold its shares in Alpesca to an Argentinean consortium during May for $10m plus transfer of loan guarantees of $4m.
Consequently, the group results for the period under review would include a capital loss on disposal of about R40m. An impairment of R76.5m was raised in the prior year.
Alpesca's losses for the 10 months to April would be included in the consolidated results.
AVI said consolidated headline EPS for its total operations were expected to increase by between 28% and 38% over a year ago.
Consolidated earnings per share for the total operations, including net capital losses on the disposal of assets, were expected to reflect an increase of between 38% and 48% over the previous period.
AVI is to release its final results on September 5.
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