Adrenna Property: Group expect earnings to be lower

ADRENNA, the listed property group, said this week that it expected both its headline earnings and basic earnings a share for the year to February to be significantly lower than the previous year. The group said headline earnings a share for this reporting period were expected to be between 10 percent and 20 percent lower. This equates to headline earnings a share of between 6.24c and 7.02c compared with 7.8c a share in the previous year. Basic earnings a share are expected to be between 40 percent and 50 percent lower, which equates to earnings a share of 13.14c and 10.95c compared with 21.9c in the previous year. Adrenna expects to publish its annual financial results before the end of this month. The company’s stock on the JSE closed down by 6.14 percent at R1.07. – Roy Cokayne