29th Oct 2014 10:14
LONDON (Alliance News) - SacOil Holdings Ltd on Wednesday said it expects its earnings per share to drop heavily in the first half on the back of currency fluctuations and impairment charges.
The company said it expects its basic earnings per share and headline earnings per share to decline to between 0.65 cent and 0.79 cent per share for the six months to August 31, from EPS and HEPS of 2.76 cents in the same period a year earlier.
SacOil said the main drivers of the drop are the impact of currency valuations on financial assets, along with provisions to cover impairment charges and higher expensed business development activities.
The group will post its first-half results on November 3.
SacOil shares dropped on the news, down 9.6% to 2.26 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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