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Johannesburg - Media group Avusa [JSE:AVU] advised on Friday that headline earnings per share for the six months ended 30 September 2011 are now expected to be between 85% and 95% below the previous corresponding period.
Headline earnings per share exclude a profit generated on the sale of commercial properties by the Books business unit.
Earnings per share for the half year are now expected to be between 55% and 65% below the comparative period, the group said in a revised trading statement.
"In addition to poor trading at the Entertainment and Books business units, the results include costs arising from the expression of interest received from Capitau, charges resulting from a separation agreement reached between the company and its former group chief executive officer, the company moving from an interest-earning to interest-paying position and the dilutory effect of an increased number of shares in issue as a result of the purchase of the Retail Solutions business unit, a reduced credit from a group retirement fund that is being wound down, and a profit generated by the Books business unit on the sale of two commercial properties," Avusa stated.
Avusa's financial results for the half-year ended 30 September 2011 are scheduled to be announced on or about Thursday, 24 November 2011.