Dorbyl reports loss in earnings

Posted On Thursday, 24 November 2005 02:00 Published by eProp Commercial Property News
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Dorbyl has reported a 223.6 cents loss in headline earnings per share for the six months ended September 30 2005 from a 166.1 cents profit a year ago

Construction IndustryBuilding and construction materials group Dorbyl reported a 223.6 cents loss in headline earnings per share for the six months ended September 30 2005 from a 166.1 cents profit a year ago.

The group declared an interim dividend of 10 cents per ordinary share.

Revenue rose to R519 million from R469 million, while attributable profit increased to R571 million from R48 million.

The group said that as a result of the disposal of Alpine Engineered Products in July and the Secondary Tax on Companies (STC) of R110.3 million incurred on the subsequent payment of a special dividend of R26.00 on August 29, headline earnings per share for the period declined by 235% when compared to the comparative period last year.

Excluding the STC charge, headline earnings would have declined by 36%.

On the other hand, the capital profit realised on the disposal of Alpine increased basic earnings significantly from 134.2 cents per share to 1696.9 cents per share.

Excluding the results of the discontinued operations, mainly Alpine, from both periods, turnover increased by 11% and operating income decreased by 128% mainly as a result of the raising of the R15 million provision in respect of the benefit funds referred to below.

The net cash position of 358 million rand at September 30 is slightly higher than the figure of R331.6 million at March 31.

The company added that interest benefited from the proceeds received on the Alpine disposal, but this was for a limited period as the special dividend was paid shortly after the receipt of those proceeds.

Accordingly, while net interest received was 51% higher than the comparative period last year, this included a non-recurring amount of some eight million rand.

In order to clarify a confusing situation, the group said that excluding the discontinued operations and the various non-recurring items, its headline earnings for the six month period would have been 21 cents per share.

 

Last modified on Friday, 18 October 2013 10:07

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