DAWN jumps on strong earnings

Johannesburg - Shares of Distribution and Warehousing Network [JSE:DAW] rose nearly 4% after the manufacturer of hardware, sanitaryware, plumbing and other products said first-half diluted headline earnings per share rose 86% due to strong turnover and improved margins.

DAWN reported an 86% rise in diluted headline earnings per share to 37.4 cents for the six months ended December 2012 from 20.07 cents a year ago.

Revenue was 10% higher at R2.303bn‚ while operating profit grew 61% to R137.96m.

DAWN was up 3.98% at R8.10 at 07:34 GMT, compared with a flat JSE All Share [JSE:J203] index.