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Johannesburg - SA investment holding group Remgro posted a 42% drop in full-year headline earnings per share on Monday - at the bottom end of its own forecast - and slashed its dividend.
Remgro, founded by South Africa's Rupert family, said headline earnings per share for the year to end-March fell to 987 cents compared to 1 692 cents, towards the lower end of its forecast for a 35% to 45% percent drop.
The group, which has interests in financial services, healthcare and mining, had said its earnings would be hit by a one-off charge of R720 million relating to the spinning off of its 10.7% stake in British American Tobacco (BAT).
The earnings drop was also exaggerated by the fact that BAT was only included for part of the year, against the full 12 months in the comparable year.
Headline earnings per share from continuing operations, excluding BAT, fell 30%, in line with its forecast of a 25% to 30% drop.
Remgro said earlier in June it was in merger talks with unlisted investment firm Venfin, which is also owned by the Ruperts.
Remgro, which holds stakes in various major South African companies but does not get involved in running them, did not give a profit forecast.
It said it would pay a final dividend of 110c/share, versus 330c/share the previous year.
- Reuters