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Blue Label warns of full-year losses

19th September 2019

By: Creamer Media Reporter

     

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JSE-listed technology company Blue Label Telecoms on Thursday said it was likely to report a loss a share of between 725.81c and 729.81c for the financial year ended May 31, compared with the earnings a share of 116.12c reported for the 2018 financial year.

It would also swing to a headline loss a share of between 310.49c and 314.49c, compared with the headline earnings a share of 115.42c reported for the prior year.

Further, it expects to report a core headline loss a share of between 302.77c and 306.77c, compared with core headline earnings a share of 120.61c in the 2018 financial year.

Blue Label noted that while the core businesses of the group had continued to generate profits, earnings and headline earnings were negatively impacted on by, besides others, Cell's trading losses, a downward fair value adjustment of Glocell Distribution, an impairment of Blue Label's investment in the Oxigen India group, the partial impairments of goodwill relating to Viamedia and Blue Label Connect, and a partial impairment of the investment in the SupaPesa joint venture.

Excluding these, the core headline earnings a share from the balance of the entities within the Blue Label group was expected to be between 16% and 21% higher year-on-year, at between 96.95c and 100.95c.

 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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