PPC expects interim HEPS to increase by more than 100% y/y
Cement company PPC expects its headline earnings per share (HEPS) from continuing operations for the six months ended September 30 to be between 52c and 57c a share, an increase of between 72% and 89%, compared with HEPS of 30c in the prior comparable period.
Earnings per share (EPS) from continuing operations are expected to be between 63c and 68c a share, an increase of between 110% and 126% from the 30c a share from the prior period.
EPS for the group for the period are expected to be between 58c and 63c a share, an increase of between 205% and 231% from the 19c a share of the prior period.
HEPS for the group are expected to be between 29c and 44c, an increase of between 105% and 132% year-on-year.
Headline earnings for the group exclude the positive impacts of both a reversal of R100-million of the impairments of property, plant and equipment raised at March 31, 2021, relating to the PPC Barnet Democratic Republic of Congo business and the profit on the sale of the PPC Lime and Botswana Aggregates businesses of R189-million.
Earnings and headline earnings for both the current and prior periods are impacted by hyperinflation accounting in terms of IAS 29 - Financial accounting in hyperinflationary economies, resulting in a net monetary gain of R440-million in the current period, compared with R326-million in the prior period.
The group's unaudited interim financial statements for the period are expected to be released on or about November 22.
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