eBusiness Weekly
Business Writer
Johannesburg Stock Exchange listed entity Brainworks Capital is expecting a significant jump in profits in its results for the six months ended June 30, 2018.
The results are expected to be released on the 7th of September 2018 (today).
In terms of the JSE listings requirements, a company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20 percent from the previous corresponding period.
In line with the requirements, Brainworks which has most of its primary operations in Zimbabwe, released a trading statement on the JSE’s Stock Exchange News Service (Sens) advising shareholders that profits are expected to jump significantly for the six months ended 30 June 2018, when compared to the six months ended 30 June 2017.
Earnings per share of the Company is expected to be 7,41 US cents per share being an increase of 14,40 US cents per share from the loss per share of 6,99 US cents reported for half year 2017.
Headline loss per share is expected to be 0,63 US cents per share, being an improvement of 6,38 US cents per share or 91,01 percent from the headline loss per share of 7,01 US cents reported prior year.
The outturn for Brainworks is to be expected give the performance of two of its local operations that reported significantly improved results.
One of the entities, hospitality group, African Sun Limited reported earnings growth for the half year to June 30, 2018 as operating profit surged 672 percent to $3,8 million on good business during election period.
Revenue rose 29 percent to $27 million buoyed by increased volumes at its hotels. Basic earnings per share increased 1 700 percent to 0,36 cents from 0,02 cents in the comparable prior year period.
Occupancy level increased 10 percent to 55 percent, which helped boost revenue growth. Average daily rate also increased 9 percent to $97.
African Sun said the occupancy growth was driven by a strong performance from all the markets, with room nights sold for domestic, international and regional increasing by 16 percent, 26 percent and 22 percent respectively.
This resulted in revenue per available room (“RevPAR”) increasing by 33 percent to $53 from $40 achieved in the same period last year.
Afsun’s strong performance also translated to an equally good set of results for its landlord Dawn Properties.
The property concern, posted a profit after tax of $942 177, about 9 percent up from $90 442 recorded in the same period last year.
Revenue for the six-month period reached $3,08 million, a 35 percent increase from $2,2 million recorded in the comparable period in 2017.
