In its trading update to shareholders about the financial results for year ended February 2010, the company said the financial performance of the Zimbabwean arm was of material importance and had consolidated the unit.
CRG said as a result of the solid performance of the group, it projected headline earnings per share would be between 130 140 per cent better than the previous years. Earnings per share are expected to be between 50-60 per cent higher.
As a result, the financial information of the Zimbabwe operations is material to the group as a whole and has been incorporated into the groups results for the year, the group said.
The company noted that the accounting treatment in terms of IFRS on the commencement of consolidation of the Zimbabwe operations gave rise to a balance sheet take-on gain of 2.5 million rand, which is recognised in the income statement.
CRG said they are pleased with the results achieved in light of the global economic downturn, which negatively impacted the local economy.
Post published in: Economy