Grand Parade says full-year headline earnings could almost triple
The company said HEPS could rise as much as 191% to end-June from the prior period’s 11.8c loss
The share price of Grand Parade Investments (GPI), which holds the master franchise of Burger King in SA, was on track to close at a one-month high on Wednesday after the company said headline earnings per share (HEPS) could almost triple in the year to end-June.
HEPS were expected to rise by between 171% and 191% to between 7.97c and 10.21c, the company said in a trading update. It loss per share was expected to see an improvement of between 18% and 38% when compared to the loss of 11.66c previously.
The company's share price rose 2.47% to R2.90 as of 12.30pm.
The group, which has gambling interests, has been under pressure amid an underperformance of its franchises.
It said in February it had decided to exit Dunkin Donuts and Baskin Robbins, which would allow it to free up capital that would be channelled to high-value potential assets, such as Burger King.
It also sold off its 10% stake in Spur for R260m in June, while it said in August it was planning to sell its remaining 30% stake in Sun Slots for R504m.