Bleak outlook forecasted by Gijima

Although the forecasted losses by Johannesburg Stock Exchange listed ICT services company, Gijima, are expected to reduce as compared to previous reports, the financial outlook remains bleak.

The company reported last week it expected headline earnings per share (HEPS) for the six months ended December 2012, to reduce to a loss of between 10.30 and 10.90 cents from HEPS of 3.11 cents in 2011.

In the last quarter of 2012, the South African ICT company concluded the disposal of its mining technology and consulting business (MineRP).

MineRP will be classified as discontinued operations in the financial results and as such is expected to contribute a loss of between 0.85 cents and 1.15 cents to the expected HEPS according to Gijima.

The company also said that it expects its basic earnings per share for the six month period in 2012 to reduce to a loss of between 2.25 cents and 2.85 cents from reported basic EPS of 3.10 cents in 2011.

In other bad news Gijima reported in its final results ending June 2012, a decline in revenue to R2.5 billion (US$282 million) is expected.

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