Blue Label to report earnings increase of more than 20%

The positive results are mainly due to write downs and impairments made previously that did not affect the current periodShares in prepaid airtime and electricity distributor Blue Label Telecoms jumped almost 10% on Monday after the company said it expects a more than 20% rise in full-year earnings.

Blue Label said the positive results are mainly due to writedowns and impairments in the previous year that did not affect the current period. The JSE-listed technology group, which has lost 80% of its value over the past two years, said in March it had returned to profit in its half year to end-November after writing off its investment in struggling mobile operator Cell C.

Blue Label reported interim core headline earnings, which include discontinued operations, of R390m from a loss of R128m previously. Revenues from airtime, electricity, ticketing and gaming rose 12% to R30.2bn, the company said.

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