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DURBAN – Rex Trueform has revised up its earnings for the year to end June after it released a second trading update yesterday following the finalisation of the review of the financial results in the group’s investment in SA Water Works Holding Company (SAWW). 

The group has a 33.78 percent stake in SAWW. 

The finalisation of the results in SAWW has impacted both earnings per share (Eps) and headline earnings per share (Heps) positively during the period. 

The group said it expects its Eps to increase by 232.4 percent to 206.4 cents a share, up from 62.1c compared to last year. In the first trading update released last month, the group expected its Eps to increase by between 153.4 percent and 173.4 percent to be between 157.4c and 169.8c. 

The group also revised its Heps to reflect an increase of 17.5 percent to 73.1c, up from 62.2c compared to last year. 

The earlier trading update reflected that Heps were expected to show a decline of between 41.3 percent and 61.3 percent to be between 24.1c and 36.5c compared to last year’s Heps of 62.2c. 

“The reason for the change in Eps and Heps compared to what was disclosed in the trading statement released on August 21 is due to the finalisation of the review of the financial results for the year and in particular the group’s investment in the SAWW Holding Company (RF),” the group said. 

Rex Trueform also owns the Queenspark chain of clothing stores and properties in Cape Town’s Salt River. 

The group acquired a 33.78 percent stake in SAWW in exchange for funding of R81 million to diversify its business. 

Rex Trueform expects to release its results on Monday.

BUSINESS REPORT