PPC expects to report up to 116% increase in full-year HEPS as turnaround pays off
JSE-listed cement and related products company PPC expects headline earnings per share (HEPS) from continuing operations for the year ended March 31, to be between 96% and 116% higher than the prior financial year.
Earnings per share (EPS) from continuing operations are, meanwhile, expected to increase substantially by between 417% and 436% compared with the prior year, PPC adds in a trading statement.
The improvement in the results is primarily owing to a focus on cost control in the current period and savings arising from operational efficiencies. This resulted in cost of goods sold decreasing in absolute terms across all the operational segments.
The reason for the significant increase in both HEPS and EPS is owing to the execution on the fundamental turnaround plan previously announced, it says.
Administrative and other operating expenses were also strictly controlled and reduced across all the segments compared to the prior period.
PPC's turnaround strategy is driving significant change across the company, with clear benefits emerging, says PPC CEO Matias Cardarelli.
“This is a remarkable achievement, in a relatively short time, that is delivering enhanced stakeholder value through an improved operating and financial performance,” he says.
PPC expects to release its audited consolidated financial results on or about June 9.
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