Pretoria Portland Cement (PPC) said on Tuesday that its headline earnings per share for the year ended September 2010 are expected to be between 20 and 30 per cent higher compared to the previous corresponding period.
Earnings per share are expected to be within a 10 per cent range of the previous corresponding period’s EPS. PPC referred shareholders to its trading statement dated 28 October 2009 and that the ZAR490m IFRS2 charge relating to PPC’s Broad Based Black Economic Empowerment transaction and the take-on gain of ZAR213m relating to the consolidation of Portland Holdings Limited, the company’s Zimbabwean operations, outlined in the results for the year ended September 2009 will not recur.
As a result of the non-recurrence of these charges, PPC’s HEPS are expected to be between 20 and 30 per cent higher for the year ended September 2010.
PPC also advised that, excluding these adjustments, normalised EPS and HEPS for the year are expected to be between 10 and 20 per cent lower than the previous corresponding period. PPC expects to release its annual results on or about 9 November.