Coronation likely to hold on to dividend as loss looms
The effect of a tax dispute with Sars will weigh on earnings
Coronation Fund Managers, which is in the middle of a tax dispute with the SA Revenue Service (Sars), has warned shareholders not to expect a dividend when it releases half-year results in May, as profit is expected to plummet.
The Cape Town-based asset manager said in a trading update on Friday that fund management earnings per share are expected to fall 110%-120% in the six months to end-March resulting in a loss of between 21.5c and 43c per share. Fund management earnings are used to measure operating financial performance, excluding the net mark-to-market impact of unrealised fair value gains and losses and related foreign exchange impacts on invested assets...
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