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Stefanutti expects earnings to climb by up to 75%

Stefanutti expects earnings to climb by up to 75%

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9th March 2015

  

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JSE-listed construction company Stefanutti Stocks expects its earnings a share for continuing and discontinued operations to be between 105.1c and 118.7c for the financial year ended February 28  – representing a 55% to 75% year-on-year increase.

Headline earnings would be between 98.7c and 111.5c, compared with 63.7c in the prior financial year.

Further, the company’s withdrawal from the power line market had led to its power division becoming a discontinued operation and, consequently, the results for the 2014 financial year would be restated to reflect continuing operations.

As a result, earnings a share in respect of continuing operations for the year under review would be between 134.9c and 152.3c – an increase of 55% to 75% on the restated 87c recorded in the 2014 financial year.

Headline earnings a share would likely be between 128.7c and 142.3c for the year under review, compared with the restated 83c in the prior financial year.

“All business units have performed in line with management’s expectations,” the company noted.

Its financial results for the year would be published on or about May 22.

Stefanutti’s share price on the JSE rose 27% on Monday to R6.35 a share, compared with Friday’s close of R5 a share.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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