Tiger Brands forecasts higher profits
IOL Business - Nov 15th 2011, 10:23
Branded fast-moving consumer packaged goods company Tiger Brands (TBS) said on Tuesday that it expected headline earnings per share (HEPS) to reflect an increase of between 10% and 15% for the year ended September 2011, from R13.93 previously.
It said it anticipated earnings per share (EPS) would reflect an increase of between 15% and 19% from R13.86 cents in 2010.
The differential in the rate of growth between HEPS and EPS was primarily due to an abnormal gain in 2011 arising from the recognition of the company's equity interest in National Foods Holdings Limited of Zimbabwe, which was not previously accounted for.
Tiger Brands implemented its BEE Phase II transaction in October 2009. This transaction gave rise to a once-off charge amounting to R152.7 million after tax, which was disclosed as an abnormal item in the income statement for the year ended 30 September 2010.
Excluding this amount, HEPS in 2011 was expected to show an increase of between 3% and 7% compared to the adjusted figure of R14.89 cents reported in respect of the previous financial year.
In 2010, the group announced an operating profit of R3 billion, and a total dividend and capital distribution of 746 cents per share.
Tiger brands expected to publish its results on November 23. - I-Net Bridge
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