Labat’s HEPS decline nearly 45% as net asset value almost doubles
Acquisitive black-economic empowerment (BEE) transport and logistics group Labat said on Tuesday that headline earnings per share (HEPS) declined 44.8% to 1.81c in the year to end-August, while net asset value almost doubled, due to the start of its logistics business.Labat, which struggled to pursue acquisitions in the logistics sector in 2016, said in a statement after markets closed on Tuesday that revenue increased to R52m from R14.3m, primarily because of the commencement of transport contracts during the period.The group, which owns silicon-chip manufacturer Sames, was one of the first listed BEE companies. It was founded by former South African Rugby Union boss Brian van Rooyen and Victor Labat.A R7.9m deferred tax credit received in 2016 had lowered HEPS, while gross profit increased to R11.4m from R7.5m.While the gross margin percentage from the logistics segment was lower than that of the electronic chip business, the growth in the logistics business has been exponential, ...
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