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Johannesburg - Lumber and plywood group York Timber Holdings [JSE:YRK] advised on Wednesday that it is expecting headline earnings per share (HEPS) for the year ended 30 June 2010 to be between 112% and 120% higher than those reported for the comparative period.
HEPS of between 30 cents and 50 cents are expected (2009: Loss of 254 cents).
The group expects earnings per share (EPS) for the year to be between 107% and 114% higher than those reported in the comparative period and EPS from continuing operations of between 20 cents and 40 cents (2009: Loss of 296 cents).
"Despite the difficult economic environment, York successfully implemented its restructuring plans and right-sizing strategy resulting in an improvement in processing efficiencies and the optimisation of its raw material base. This led to an improved performance in the second half of the 2010 financial year.
"Furthermore, the Group adopted the discounted cash flow method, widely used in the Forestry, Paper and Pulp industry, to calculate the fair value of its biological asset. This resulted in an increase in the value of the asset of approximately 10.5% over the comparative value of the asset in the previous corresponding period," York said.
The group's results are expected to be released on or about September 20.
HEPS of between 30 cents and 50 cents are expected (2009: Loss of 254 cents).
The group expects earnings per share (EPS) for the year to be between 107% and 114% higher than those reported in the comparative period and EPS from continuing operations of between 20 cents and 40 cents (2009: Loss of 296 cents).
"Despite the difficult economic environment, York successfully implemented its restructuring plans and right-sizing strategy resulting in an improvement in processing efficiencies and the optimisation of its raw material base. This led to an improved performance in the second half of the 2010 financial year.
"Furthermore, the Group adopted the discounted cash flow method, widely used in the Forestry, Paper and Pulp industry, to calculate the fair value of its biological asset. This resulted in an increase in the value of the asset of approximately 10.5% over the comparative value of the asset in the previous corresponding period," York said.
The group's results are expected to be released on or about September 20.
