Spike in Blue Label Telecoms earnings pushes shares higher
Blue Label Telecoms’s share price rose 17.5% to R13.60 just after midday on Thursday after the company said earnings for the six months to November would double. The stock closed 3.03% higher at R11.92. Core headline earnings per share for the interim period were expected to increase to between 160.13c and 176.71c cents a share — or between 93% and 113% higher than a year before. Blue Label said this was partially thanks to an increase in a deferred tax asset recognised by 45%-held mobile operator Cell C. Blue Label’s share of the increase would be R865m. Meanwhile, in the matching period, Blue Label’s investments in Oxigen Services India, Oxigen Online Services India and 2DFine Holdings Mauritius were accounted for as investments in associates and joint venture. These entities are now accounted for as venture capital investments at fair value, resulting in a positive contribution to group earnings of R135m in the matching period, and a negative effect on earnings in the six months ...
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