Picture: ISTOCK
Picture: ISTOCK

Club Mykonos Langebaan owner Trematon Capital’s share price fell nearly 6% on Friday morning after it warned shareholders it expected to report a headline loss.

Trematon said it expected to report on April 23 that it suffered a headline loss per share of about 0.9c for the six months to end-February, from headline earnings per share (HEPS) of 1.8c in the matching period.

The holding company said the 85% drop in basic earnings was mainly due to the prior period’s results receiving a R91.8m one-off profit from the sale of Mykonos Casino.

"The decrease in headline earnings is mainly due to expenses related to the take-on and refurbishment of properties which were vacant during the period as well as increased school costs in preparation for the expansion of our current schools," the trading statement said.

Though its earnings fell, the company said its net asset value (NAV) grew thanks to the "the sale of mature properties within the Resi Investment Group and development sales at Club Mykonos Langebaan".

The trading statement said Trematon’s book NAV grew 30%, to R3.89 per share from R2.99, and its "intrinsic" NAV grew 24% to R4.46, from R3.61.