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Johannesburg - Investment group Remgro [JSE:REM] advised on Tuesday that its headline earnings per share (HEPS) for the six months ended September are expected to be between 54% and 58% higher than those for the comparative period last year.
"This increase in HEPS is mainly attributable to (...) higher earnings reported by both FirstRand [JSE:FSR] and RMB Holdings [JSE:RMH] than in the comparative period mainly due to a significant reduction in bad debts and improved profitability in both RMB and Wesbank; higher earnings from Total South Africa (Pty) Limited due to favourable stock revaluations and savings in operating costs in the period under review compared to stock revaluation losses in the comparative period; and higher earnings from Kagiso Trust Investments (Pty) Limited mainly due to favourable fair value adjustments relating to its shareholdings in Metropolitan Holdings [JSE:MET] and Adcock Ingram Holdings [JSE:AIP]," Remgro said.
Remgro is currently finalising its results for the six months ended September 30 2010, which are due to be released on SENS on or about November 25 2010.
"This increase in HEPS is mainly attributable to (...) higher earnings reported by both FirstRand [JSE:FSR] and RMB Holdings [JSE:RMH] than in the comparative period mainly due to a significant reduction in bad debts and improved profitability in both RMB and Wesbank; higher earnings from Total South Africa (Pty) Limited due to favourable stock revaluations and savings in operating costs in the period under review compared to stock revaluation losses in the comparative period; and higher earnings from Kagiso Trust Investments (Pty) Limited mainly due to favourable fair value adjustments relating to its shareholdings in Metropolitan Holdings [JSE:MET] and Adcock Ingram Holdings [JSE:AIP]," Remgro said.
Remgro is currently finalising its results for the six months ended September 30 2010, which are due to be released on SENS on or about November 25 2010.
