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RMB earnings to double

Johannesburg - RMB Holdings [JSE:RMH] advised on Thursday that that its basic earnings per share (EPS) for the six months ended 31 December 2010 will increase by between 100% and 120% over the EPS of the previous corresponding reporting period.

This is owing to significant non-recurring gains in the RMBH accounts as a result of recent transactions which saw MMI Holdings become a directly held associate and another associate, Discovery Holdings [JSE:DSY] acquire the Standard Life Healthcare group and merge it with the PruHealth Group.

"During the interim reporting period ended 31 December 2010, the company's associate, FirstRand [JSE:FSR] distributed its interest in MMI Holdings Limited (MMI) to shareholders as a dividend in specie. This resulted in MMI becoming a directly held associate of RMBH. In addition, another RMBH associate, Discovery Holdings Limited concluded a business combination whereby it acquired the Standard Life Healthcare group and merged that with the PruHealth Group (Discovery's UK based joint venture).

"Accounting for these transactions in conformity with International Financial Reporting Standards gives rise to significant non-recurring gains in the RMBH accounts. While such gains did not arise from the performance of RMBH's ongoing operations and are accordingly excluded from headline earnings per share (as well as normalised earnings per share), they do impact basic earnings per share," RMBH explained.

RMBH's interim results for the six months ended  December 31 2010 will be released on SENS on or about March 9 2011.

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