Maiden results may disappoint, says JSE newcomer Libstar
Libstar may have been overpriced at its listing, the company admits. The household brands distributor said on Friday that its maiden financial results as a public company would be much poorer than it anticipated prior to it joining the JSE. The company’s share price plunged as much as 24% on Friday morning after the group released a weak trading update for the six months to June but recovered slightly to close 14.11% lower at R9.62. Libstar, which listed on the main board of the JSE in May, expects results on September 4 to show that its headline earnings per share from continuing operations for the six months to end-June were half the 25c reported in the comparative period. Earnings per share and headline earnings per share from continuing operations were expected to be between 11c and 14c or 44% to 56% lower than the comparative period. Headline earnings per share from discontinued operations were expected to be between a 1.2c loss and a 0.8c loss or 40% to 60% higher than the 2c ...
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