Mpact (MPT) which listed on the main board of the JSE in July last year following a demerger from Mondi, on Wednesday advised that for the year ended December 2011, it expects its basic earnings and headline earnings per share to be in a range of 52 to 56 cents from 23.1 cents a year ago.
It expects underlying EPS to range between 100 and 104 cents from 24.3 cents in 2010.
The company said the demerger gave rise to special items of cost that would not recur, including listing costs and the costs of restructuring debt. In order to reflect the earnings effect of these special items, the directors of Mpact have elected to provide an additional measure of underlying earnings per share.
In terms of a special resolution passed on 28 April 2011 the number of ordinary shares in issue was increased from 159,950 ordinary shares to 23,192,750 ordinary shares following a share split.
Furthermore, on 5 July 2011 an additional 140,853,726 ordinary shares were issued to the then shareholders as part of Mpact's capital restructuring prior to listing. Consequently the company listed on 11 July 2011 with 164,046,476 ordinary shares.
It said the increase in EPS over the prior year is due primarily to lower finance costs attributable to the recapitalisation of the company prior to listing.
Mpact expects to release its results on or about 8 March 2012. - I-Net Bridge