Blue Label to post double-digit fall in full-year earnings
JSE-listed Blue Label Telecoms expects to report an at least 20% drop in basic, headline and core headline earnings a share for the financial year ended May 31.
In an initial trading statement published on Monday, Blue Label management informed shareholders that its audit for the year under review was substantially complete.
The company plans to publish a further trading statement prior to the release of its financial results, which is expected on September 26.
Meanwhile, Blue Label is continuing its process to determine the valuation of its investment in embattled mobile operator Cell C.
This will incorporate the effects of the transactions that are still in progress.
“The outcome will have an impact on the carrying value of the investment, the assessment of the remaining fair values of SPV1 and SPV2, as well as the recoverability of the existing deferred tax asset within Cell C,” Blue Label said.
“An extensive process is currently being undertaken by Cell C management to perform an assessment of the extent of the impact that the above transactions will have on Cell C’s financial statements, which are currently being finalised.”
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