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Brimstone delivers significant rise in H1 earnings

26th August 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Brimstone Investment on Tuesday posted a 96% jump in headline earnings a share to 120.9c for the six months ended June 30.

Basic earnings a share also increased to 120c for the period under review, compared with the 63c reported in the corresponding period the year before.

Profit for the period under review increased from R165-million in the first half of 2013 to R309.7-million during the first half of this year, mostly owing to positive fair value adjustments in underlying investments.

“We are very pleased with this solid set of results, which was driven by positive fair market value adjustments of underlying investments, further acquisitions, and the efficient restructuring of financial arrangements.

“These corporate and investment activities all contributed positively to our financial results,” Brimstone CEO Mustaq Brey commented in a statement.

Revenue remained stable at R1.09-billion.

The group’s total assets and net asset value increased from R6.8-billion and R11.95 a share respectively as at December 2013, to R7.2-billion and R13.70 apiece by the end of June.

Brimstone’s intrinsic net asset value (INAV) increased from R4.2-billion in December to R4.6-billion in June, representing a per-share INAV increase from R17.09 to R18.59 for the period under review.

Brimstone did not declare a dividend for the period under review.

Edited by Creamer Media Reporter

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