Remgro reports headline earnings drop of 3.4%, excluding once-off costs
Remgro said on Wednesday its performance in the year ended June 2017 was "commendable, given the current economic climate". Headline earnings per share shot up 32.7%, but headline earnings per share excluding once-off costs and option re-measurement fell by 3.4%. The year under review also included a positive fair-value adjustment of R687m. Excluding these items, headline earnings increased by 1.9% from R7.39bn to R7.53bn, while headline earnings per share fell from 1,409c to 1,361.3c. "We are very cognisant of the deteriorating South African economic conditions and uncertain political environment. However, Remgro will continue to support its existing investments and continue to look at viable investment opportunities," CEO Jannie Durand said. Remgro said its banking and insurance investments provided good returns, while industrial and infrastructure contributions to headline earnings showed a "noticeable improvement" compared to the June 2016 results. It said that consumer products...
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