Cellular network provider MTN Group expects its adjusted headline earnings per share (HEPS) for the six months to 30 September to be at least 30% higher than those of the prior-year period.
The group issued a trading statement this morning saying that adjusted HEPS for the period are expected to be substantially higher, which in terms of JSE listings requirements means more than 30%.
According to a consensus forecast of analysts polled by Bloomberg, analysts expect full-year adjusted HEPS of 203.4c. MTN says if this were halved for the six months, analysts would have been expecting adjusted HEPS of 101.7c.
"The company expects the interim adjusted HEPS for the six-month period ending 30 September 2003 to be materially above the derived interim consensus forecast per share," it says.
In terms of listing requirements, this means that adjusted HEPS will be 10% to 30% higher than for the previous comparable period.
"It is stressed that, although the derived interim consensus forecast was calculated by taking 50% of the full-year analysts` mean consensus HEPS forecast published on Bloomberg, no reliance of any nature whatsoever should be placed on the premise that such percentage will in fact prevail for the current financial year or any other future period," the group says.
"The reason for this is that various once-off earnings streams have occurred in the six-month period to 30 September 2003 that may not recur in the second half of the year.
"In addition, MTN Group`s earnings could be negatively or positively affected, among others by pricing changes that could occur in the various countries in which the MTN Group operates due to potential changes in the competitive environment, or by volatility in exchange rates."
MTN has cautioned that the expectations have not been reviewed or reported on by its auditors, and thus shareholders should exercise caution when dealing in shares until the results are published on or about 2 December.
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