holding company, Invicta, said on Wednesday profit would surge by at least R200m in its six months to end-September as it recovers from an unforeseen tax provision.
The industrial supplies conglomerate said headline earnings per share would rise to 187c from 2c previously — an increase of almost 10,000%.In September 2018, Invicta said it had reached a settlement with the SA Revenue Service in which it would pay R750m in respect of a taxation dispute, over the course of four years.
This resulted in Invicta raising an additional specific taxation expense of R200m in its six months to end-September 2018, resulting in the settlement amount being fully provided for. The tax dispute related to a previous empowerment structure put in place by the company. Invicta's share price was unchanged at R21.01 as of 10.30am on Wednesday, having fallen 39.63% so far in 2019.
Maybe the rule of thumb should - if Wiese is buying into company you own shares - f$king sell. It is going tank!
How did Wiese ever make money? - everything he touches goes to shit. Hey, our very own Donald J Trump right here in SA.
The article makes no sense, since when does a provision for tax - increase profits. Unless the provision was raised in the prior year and reversed in the current year. Someone is trying to pull a fast one.
Here we go again
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