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Mustek higher on earnings update

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 11 Feb 2013
Mustek's shares closed higher on news that headline earnings will leap.
Mustek's shares closed higher on news that headline earnings will leap.

JSE-listed Mustek gained ground on the bourse on Friday, following news that headline earnings would more than double in the first six months of the year.

The group told shareholders that headline earnings per share should be between 135% and 140% higher than the 13.4c a share reported for the six months to December 2011.

Basic earnings per share would be as much as between 45% and 50% higher than the 21.14c in the previous corresponding period.

Analysts view headline earnings per share as a key performance indicator as it strips out once-off items.

Mustek's stock gained 8.11% to end Friday trading at 600c, a 45c gain on the day. A year ago, revenue came in at R1.96 billion, while net profit was R32.5 million.

In the year to June, Mustek grew revenue to R3.5 billion, from R2.9 billion, while profit for the year was lower, at R77.8 million, as the company made a R47.8 million foreign exchange loss.

Mustek's results should be published on 21 February.

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