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Pinnacle earnings soar

Johannesburg - Property development group Pinnacle Point [JSE:PNG] said on Friday it expects earnings per share and headline earnings per share for the 12 months ending 28 February 2011 to be between 60% and 80% higher than the corresponding period last year.

The group said the EPS and HEPS are expected to be between 110% and 130% lower than the profit forecast which was published on 30 October 2009.

It renewed its cautionary relating to negotiations to dispose of Pinnacle Point Golf and Beach Resorts to a consortium that wishes to convert the PP Resort into a 5-star resort and host a golf championship at the resort.

"The company remains in negotiations in relation to other matters in addition and separate to this disposal. Accordingly, shareholders are advised to continue to exercise caution until a further announcement is made," it said in a statement.

The company also announced the resignation of its director Khather Massaad from the board with effect from 21 December 2010.

 

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