Putprop: Fair value valuation boosts earnings

PUTPROP expected to report significantly higher earnings in the year to June, the listed property investment firm said yesterday. The former arm of delisted bus transport operator Putco said headline earnings a share were expected to increase to between R1.42 and R1.58 from the 86.8c posted in the previous year. Earnings a share were expected to increase to between R2.25 and R2.55 from R1.74 a year earlier. Putprop said the fair value measurement of its investments in its associated companies and the accounting for this in the review period contributed significantly to this increase. Putprop said it expected to publish its annual financial results on September 15. The shares soared 20 percent to close at R9 yesterday. – Roy Cokayne