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FirstRand sees basic earnings doubling

Sep 08 2011 14:17 Reuters

Company Data

Top 40 [JSE : J200]

Last traded R29,074.19
Change R-63.65
% Change -0.22%
Cumulative volume 93.53m
Market cap R0.00

Last Updated: 25/05/2012 at 19:33. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Firstrand Ltd [JSE : FSR]

Last traded R25.00
Change R-0.06
% Change -0.24%
Cumulative volume 12.14m
Market cap R140.95bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Mmi Holdings Ltd [JSE : MMI]

Last traded R16.71
Change R-0.10
% Change -0.59%
Cumulative volume 2.64m
Market cap R25.13bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - FirstRand [JSE:FSR], South Africa's second-largest bank, said on Thursday full-year earnings including one-time items are likely to more than double, boosted by the sale of two different insurance units.

FirstRand, which is due to report results on Tuesday, said in a statement it expects earnings per share for the year to end-June to rise by 110% to 115% from the previous year.

FirstRand in May completed its R3.75bn sale of a 45% stake in insurer OUTsurance to RMI Holdings. It previously spun off stake in insurer Momentum, which became part of MMI Holdings Limited [JSE:MMI].

The gains from the sales are one-time items and therefore will not be included in FirstRand's headline earnings. Headline earnings, the main profit gauge in South Africa, exclude certain non-recurring items.

Shares of FirstRand were little changed, up 0.8% at 10:58 GMT, compared with a 1% rise in Top 40 - (Tradeable) [JSE:J200] index of blue chips.

 

 
 
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