Mumbai airport disposal pushes Bidvest interim earnings lower
Bidvest CEO Brian Joffe discusses the outlook for the company after delivering its interim financial results. Recorded: 04.03.2013. Camerawork: Nicholas Boyd. Video Editing: Shane Williams
Diversified industrial group Bidvest on Monday reported a rise in normalised earnings for the six months to December 2012; however, a one-off profit from the partial sale of Bidvest’s investment in Mumbai International Airport dragged down earnings for the period.
Normalised headline earnings a share (HEPS) reached 725.1c during the period under review, an 18.2% increase compared with the normalised HEPS of 613.4c a share recorded in the interim period ended December 2011.
The JSE-listed group achieved 24.5% higher normalised basic earnings a share (EPS) at 724.4 c, compared with normalised EPS of 581.8c reported in the corresponding period in the prior year, Bidvest CEO Brian Joffe said.
Incorporating the R399.1-million sale, HEPS fell 2.3% from the 742.3c recorded in the six-month period to December 2011, while basic EPS rose 1.9% from 710.8c in the corresponding period in 2011.
Bidvest achieved revenue of R75.4-billion during the first half of the year – up 11.9% from the R67.3-billion reported in the six months to December 2011.
Profit during the period rose by 1.1% from R2.35-billion in the six months to December 2011, to R2.37-billion in the period under review.
Trading profit increased by 8.3% to R3.6-billion during the first half of 2012, from R3.3-billion achieved in the corresponding period the year before.
The company’s trading margin decreased to 4.7% in the 2012 interim period, from the 4.9% reported in the first half of 2011. Bidvest attributed this to a relative increase in the contribution of lower margin activities, such as forwarding and clearing and automotive retailing, as well as a decline in trading profits in certain operations.
“Our financial position remains strong and the group is well-capitalised. Bidvest’s attitude to gearing remains conservative and the group retains adequate borrowing capacity,” Joffe commented.
Bidvest declared a gross cash dividend of 324c for the interim period.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation