Aveng expects FY headline EPS up 100-120 per cent

Aveng expects FY headline EPS up 100-120 per cent
Published: 03 July 2007

South Africa’s Aveng said on Monday full year headline earnings per share, as well as earnings per share (EPS), was expected to increase as much as 120 per cent.  
 
The expected 100-120 per cent increase in headline EPS and EPS excluded the capital profit of ZAR6.4bn (US$910.8m) from the sale of its stake in the local unit of Holcim .  
 
Headline EPS is the key profit measure for South African firms and excludes non-trading, capital and certain extraordinary items.  
 
Aveng, a construction and engineering firm, said the results of  Holcim’s local unit would be equity accounted to the end of May 2007.  
 
The firm said at least 50 per cent of the proceeds from the sale of its 46 per cent stake would be returned to shareholders.  
 
Holcim, the world’s second biggest cement maker, said in August last year it planned to sell 85 per cent of its majority stake in Holcim South Africa to a consortium of black investors.  
 
The deal is one of the biggest withdrawals by a foreign company from post-apartheid South Africa.