GPI declares no dividend after disposal of GPI Slots is delayed
by Staff Writer,
2016-03-16 11:00:04.0
GRAND Parade Investments (GPI) has declared no interim dividend as a result of the delay in concluding the second tranche disposal of GPI Slots.
The investment holding company said on Wednesday it was also reviewing its dividend policy to take into consideration the expansion of its food-related investments. "GPI intends to remain a dividend-active company going forward," the company said.
In the six months to December 31 2015, GPI reported a 35% decline in headline earnings per share (HEPS) to 2.05c compared with the year-earlier period. Revenue, however, climbed by 53% to R363.2m. The group reported a profit of R24m from continuing operations for the period, a 150% increase from the R48.1m loss reported in the year-earlier period.
GPI CE Alan Keet said the group showed pleasing improvement in the first half across a range of financial performance measures. He said the group’s performance reflected solid progress in expanding its interests in the food sector and realigning its investments in other sectors.
"Day-to-day operations of GPI remain closely aligned to the investment and operating strategy, which is to allocate capital efficiently and deliver as an operator. We’re making progress in developing and growing some major brands while also driving our interests deeper into the value chain in the food sector," he said.
Mr Keet said he expected the South African economy to remain under pressure for the remainder of the financial year with further increases in interest rates, food price increases and the weakened rand.
At 9.20am, the company’s share price was at R3.58, unchanged from its Tuesday close.
In the past year, the share price has fallen by 42%.
Casino. Picture: DAILY DISPATCH
GRAND Parade Investments (GPI) has declared no interim dividend as a result of the delay in concluding the second tranche disposal of GPI Slots.
The investment holding company said on Wednesday it was also reviewing its dividend policy to take into consideration the expansion of its food-related investments. "GPI intends to remain a dividend-active company going forward," the company said.
In the six months to December 31 2015, GPI reported a 35% decline in headline earnings per share (HEPS) to 2.05c compared with the year-earlier period. Revenue, however, climbed by 53% to R363.2m. The group reported a profit of R24m from continuing operations for the period, a 150% increase from the R48.1m loss reported in the year-earlier period.
GPI CE Alan Keet said the group showed pleasing improvement in the first half across a range of financial performance measures. He said the group’s performance reflected solid progress in expanding its interests in the food sector and realigning its investments in other sectors.
"Day-to-day operations of GPI remain closely aligned to the investment and operating strategy, which is to allocate capital efficiently and deliver as an operator. We’re making progress in developing and growing some major brands while also driving our interests deeper into the value chain in the food sector," he said.
Mr Keet said he expected the South African economy to remain under pressure for the remainder of the financial year with further increases in interest rates, food price increases and the weakened rand.
At 9.20am, the company’s share price was at R3.58, unchanged from its Tuesday close.
In the past year, the share price has fallen by 42%.
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