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Johannesburg - Investment holding company Sabvest [JSE:SBV] on Thursday reported a 5% decline in headline earnings per share from 42.7 cents to 40.7 cents for the six months ended 30 June 2011.
It attributed the slight decline largely to negative fair value adjustments arising from stock market prices and one-off costs of one million rand.
Describing the results as satisfactory, the group said its four industrial associates had performed in line with expectations.
"Sunspray Food Ingredients and Flowmax UK achieved good increases in profitability. SA Bias Industries and Set Point Group produced stable results in line with budgets," it said.
Shareholders' funds with investments at intrinsic value net of notional CGT increased to R583 m and intrinsic value per share increased by 13% year-on-year to 1 263 cents.
A three year bank loan of R40m has been raised to refinance existing non-bank loans and facilitate an increased investment in Brait. Gearing remains conservative, the group added.
The interim dividend has been maintained at 4 cents per share.
Looking ahead, Sabvest said: "The group's four industrial associates have sound growth prospects and are well managed. The group is also comfortable with the prospects of its listed and unlisted investment portfolios. The timing of the recognition of earnings growth in the share prices of listed companies is obviously uncertain.
"We anticipate a satisfactory year for the group," the group added.
It attributed the slight decline largely to negative fair value adjustments arising from stock market prices and one-off costs of one million rand.
Describing the results as satisfactory, the group said its four industrial associates had performed in line with expectations.
"Sunspray Food Ingredients and Flowmax UK achieved good increases in profitability. SA Bias Industries and Set Point Group produced stable results in line with budgets," it said.
Shareholders' funds with investments at intrinsic value net of notional CGT increased to R583 m and intrinsic value per share increased by 13% year-on-year to 1 263 cents.
A three year bank loan of R40m has been raised to refinance existing non-bank loans and facilitate an increased investment in Brait. Gearing remains conservative, the group added.
The interim dividend has been maintained at 4 cents per share.
Looking ahead, Sabvest said: "The group's four industrial associates have sound growth prospects and are well managed. The group is also comfortable with the prospects of its listed and unlisted investment portfolios. The timing of the recognition of earnings growth in the share prices of listed companies is obviously uncertain.
"We anticipate a satisfactory year for the group," the group added.
