Vunani flags lower earnings

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Vunani flags lower earnings

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Published Date: 2020-05-26 | Source: Stephen Gunnion | Author: Stephen Gunnion

Vunani flags lower earnings

The fund management, advisory services and commodities trading business says full-year earnings will fall by as much as 87 percent.

Vunani has warned investors to expect a decline in earnings when it reports its full-year results later this week.

In a trading update, the group said earnings per share (EPS) for the year to end-February would be 2-22% below the 54.7c it reported last year while headline EPS would be as much as 87% lower than the 54.7c previously reported. It gave no reason for the decline.

Vunani, whose businesses include fund management and administration, advisory services and commodities trading, blamed a decline in first-half earnings largely on community unrest that disrupted operations at the main operating site of its commodities trading business last year, resulting in a big decline in production. It is a black economic empowerment partner to Anglo Coal. While the tough economic environment also weighed on its performance, it said its main operating businesses remained profitable in the six months to end-August. At the time, it said it was looking for acquisitions to expand its diversified financial services offering.

Vunani's results are scheduled for release on Thursday. Its shares didn't trade yesterday, closing unchanged at R2.50.





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