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Blue Label Expects Cell C’s Writedown To Boost Earnings

Blue Label Telecoms expects its earnings for the six months ended 30 November 2019 to increase by at least 20%.

The company informed investors on the JSE on Thursday that this translates to basic, headline and core headline earnings per share improving by at least 2.52 cents, 3.00 cents and 2.28 cents.

The company, which owns 54% of struggling mobile phone operator Cell C, attributed the expected improved earnings to Cell C’s writedown.

Blue Label Telecoms and Net 1 have written down to zero the value of their stake of the embattled mobile network, Cell C, which last year reported an R8 billion loss in the year to June, hit by impairments.

Blue Label said for the six months ended 30 November 2018, fair value losses totaling R493 million and the group’s share of equity-accounted losses in Cell C amounting to R133m were recognised.

“No further fair value losses related to the SPV’s were recognised in the current reporting period as the exposure to the SPV’s has been fully accounted for as at 31 May 2019,” the company said on Thursday.

“As the carrying value of Blue Label’s investment in Cell C was fully impaired for the year ended 31 May 2019, the financial results of Cell C during the current period will not have an impact on Blue Label’s earnings for the current reporting period.

“The above two factors are the primary contributors to the expected growth in earnings.”

For more on Cell C’s woes: Read our exclusive stories here

 

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