Johannesburg - Mvelaserve announced in a trading statement on Tuesday that it expects statutory headline earnings per share for the six months ended December to be 60% to 70% lower than those of the prior half-year.
Earnings per share are expected to be 75% to 85% lower than those of the prior half-year. It did not give a reason for the plunge in profit.
The company's results for the half-year ended December 31 2011 are expected to be published on or about March 29.
It shares were down over 7% after the trading statement.
Mvelaserve was trading 7.26% lower at R11.50, lagging a
0.7% stronger JSE All Share [JSE:J203]