Alexander Forbes earnings fall

Alexander Forbes earnings fall

JOHANNESBURG – South African financial services group Alexander Forbes’ first-half headline earnings per share fell 26 per cent due to an exceptional loss and higher interest costs on client settlements, it said yesterday.

Alexander Forbes said assets under management rose to 135 billion rand from 107 billion in the year-ago period. It said it posted an exceptional loss of 44 million rand, including 20 million rand for client settlements.Pre-tax headline profit fell 23 per cent to 324 million rand.The group, which announced last Friday a private equity consortium led by Actis had increased an initial buyout offer to 16,25 rand per share, said the consortium will make a firm offer once one remaining pre-condition had been met.Nampa-ReutersIt said it posted an exceptional loss of 44 million rand, including 20 million rand for client settlements.Pre-tax headline profit fell 23 per cent to 324 million rand.The group, which announced last Friday a private equity consortium led by Actis had increased an initial buyout offer to 16,25 rand per share, said the consortium will make a firm offer once one remaining pre-condition had been met.Nampa-Reuters

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