Avusa's profit to halve

Johannesburg - Media and entertainment group Avusa (AVU) advised on Tuesday that headline earnings per share for the six months ended 30 September 2009 are expected to be between 55% and 65% lower than the comparative period.

Earnings per share are expected to be between 67% and 77% lower than the comparative period.

The group said the comparative period's earnings per share included a profit from discontinued operations in respect of Avusa's Nigerian and Kenyan operations of R39m, inclusive of R60m profit on sale of the discontinued operations. The R60m profit on sale was excluded from headline earnings.

"Apart from the impacts of the discontinued operations, the expected decrease in earnings is primarily as a result of an approximately 20% reduction in net advertising income," the group added.

Avusa's financial results for the half-year ended 30 September 2009 are scheduled to be announced on or about Friday 20 November 2009.

- I-Net Bridge