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Blue Label posts higher earnings on acquisitions

Blue Label joint CEO Brett Levy

Blue Label joint CEO Brett Levy

Photo by Duane Daws

22nd February 2018

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

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JSE-listed Blue Label Telecoms on Thursday posted a surge in earnings for the six months to November 30, following the acquisitions of 45% of mobile operator Cell C and 47.37% of 3G Mobile.

The group’s earnings per share and headline earnings per share (HEPS) increased by 110% to 167.43c and 109% to 166.68c, respectively, during the first half of the year under review.

During the six months to November 30, Blue Label’s core headline earnings increased by 146% to R1.36-billion, while the core HEPS increased 108% to 168.42c.

The earnings included the group’s share of profits in Cell C of R928-million, of which R865-million pertained to the recognition in a deferred tax asset, and its share of profits of R36-million in 3G Mobile,” joint CEO Brett Levy said at a media roundtable.

Stripping out the acquisitions of Cell C and 3G Mobile, nonrecurring costs, the forfeiture of income, as well as the accounting treatment of Oxigen Services India and 2DFine in the comparative period last year, adjusted core headline earnings and HEPS both increased by 21% to R505.3-million and 75.59c apiece respectively.

Earnings before interest, taxes, depreciation and amortisation rose 9% to R778-million during the six months under review.

Blue Label also reported a 52% narrowing in the share of losses from Blue Label Mexico from R22.1-million in the first half of 2016 to R10.5-million in the first half of 2017.

Group revenue increased by 2% to R13.5-billion; however, imputing gross amounts generated on the continued growth in sales of PINless top-ups, the effective growth equated to 10%, Levy concluded.

Edited by Creamer Media Reporter

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