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09:04:18
FirstRand expecting higher earnings
FSR
Posted Thu, 23 Feb 2012

As previously communicated to shareholders FirstRand considers diluted normalised earnings per share from continuing operations to most accurately represent operational performance and this is expected for the six months to December 2011 to increase by between 24% and 28% from 81.1 cents (adjusted from 84.3 cents to exclude OUsurance for the six months to December 2010) in the comparative period. Non-recuring prior period events Shareholders are reminded that in the six month reporting period ended 31 December 2010 FirstRand distributed its interest in MMI Holdings Ltd. to shareholders as a dividend in specie. This action gave rise to a significant non-recurring increase, in terms of IFRIC 17, in earnings per share for the six months reporting period to 31 December 2010 and was disclosed in the group's income statement. As this gain does not arise from the performance of the group's continuing operations, it does not recur in the income statement for the six months to December 2011. Consequently, if this item is excluded, earnings per share for the six months to December 2011 will not differ by more than 20% from the previous comparative period. Headline earnings per share will also not differ by more than 20% from the comparative period. FirstRand's interim results for the six months ended 31 December 2011 will be released on SENS on Tuesday 28 February 2012.


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