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Bidvest profit boosted by weak rand

Aug 27 2012 09:21

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Last traded 328
Change -1
% Change 0
Cumulative volume 555737
Market cap 0

Last Updated: 02-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South African industrial conglomerate Bidvest Group [JSE:BVT] beat estimates posting a 27.5% rise in full-year profit on Monday, lifted by proceeds from the partial sale of its stake in Mumbai International Airport and favourable currency swings.

Bidvest, whose business include food distribution, auto dealerships and shipping, said diluted headline earnings per share totalled 1,470.8 cents in the year to end-June, above a 1,367 cents estimate in a Reuters poll of 11 analysts.

The company sold half of its 27% stake in Mumbai International Airport late last year, earning R400m from the deal.

Bidvest, which makes more than a quarter of its sales overseas, said revenue increased 12.7% to R133.5bn.

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