On The Money - In Brief
- Econet was commended by Kingdom Stockbrokers for being the first company to release its interim results for the period ended 31st December 2004:"Even allowing for the fact that these are unaudited interim results, getting them into the market within 19 days of the reporting period shows excellent efficiency. The results were excellent. Turnover grew by 760%, well above the average inflation rate for the period to $61,974.5 million from the same period last year while operating profit grew by an impressive 1190% to $30,761.6 million. Improvement in operating profit is due to management’s strategy to contain costs and improve productivity. The gains in turnover translated into a significant jump in pre-tax profit, which went up significantly by 1640% to $34,908.5 million. Attributable profit amounted to $23,584.4 million, an increase of 1878% resulting in an increase in basic earnings per share of 965% to $14.71. An interim dividend of $7.35 was declared".
- SA’s Infowave Holdings expects to report a decline in earnings of between 10% and 30% for the year to end-February. The group issued a trading statement last night, saying that this is despite the fact that turnover and operating profit levels are expected to be maintained.
- SA’s Telkom shareholders last week approved an employee share incentive scheme allowing the fixed-line phone operator and its subsidiaries to purchase up to 4% of its shares, estimated to be worth R1,6bn.