By Iain Scott, ITWeb group consulting editor
Johannesburg, 10 Aug 2004
Grintek`s share closed 4.5% up at 115c on the JSE on Friday, after the group issued a positive trading update.
Earnings for the year to 30 June are expected to be substantially higher than those of the previous year. According to JSE definitions, this refers to a change of at least 30%.
Last year the group`s earnings plummeted by 92%, mainly because of foreign exchange losses.
The group reported earnings of R8.57 million, compared with the previous year`s R104.86 million. Headline earnings per share fell from 28.5c to 7c.
Grintek says the improvement in the latest financial year is thanks to a combination of operational and foreign exchange gains.
It expects to release the results on 8 September.
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