Johannesburg - Chemicals group AECI [JSE:AFE]
advised on Monday that its headline earnings per share for the year ended December 31 2010 are expected to be between 50% and 70% greater than last year.
Despite experiencing a strong year of trading in 2010, the company's results were adversely impacted by the strong rand/dollar exchange rate and an abnormally high escalation in the post-retirement medical aid liability, the group said.
The range of improvement for earnings per share (EPS) are expected to be between 30% and 50%. EPS for the year ended 31 December 2009 were impacted by a surplus on the disposal of the assets and property of SANS Fibres whilst, in 2010, EPS were affected by goodwill impairment and corporate restructuring adjustments.
AECI's financial results, for the year ended December 31 2010, will be released on SENS on Tuesday February 22 2011.