Johannesburg, 08 Sep 2005
Bytes Technology Group`s share closed 35c or 3.5% up at R10.30 on the JSE yesterday.
The group issued a trading update late in the afternoon saying that headline earnings per share for the six months to 31 August, which include the impact of adopting International Financial Reporting Standards (IFRS), will be higher than those of the year-earlier period.
"In restating the prior period results to comply with IFRS, the increase will be between 25% and 35%," the group says in its update.
"Headline earnings per share for the previous corresponding period decrease from 36.8c to 35.4c as a result of the restatement."
It adds that earnings per share (EPS), reported in terms of IFRS as well as the change in accounting standards regarding goodwill, will be 175% to 195% higher than the restated previous EPS.
The new accounting standards stipulate that goodwill is now subject to impairment rather than amortisation.
"The loss per share for the previous corresponding period decreases from 54.5c to 49.4c as a result of the restatement," the group says.
Related stories:
Impairment hurts BTG
Xerox acquisition benefits BTG
Share