Quantum Property Group said on Wednesday that it expects basic and headline losses per share to be between 17.57 cents and 20.45 cents compared with basic and headline earnings per share of 14.4 cents for the same period as set out in the revised listings particulars dated 25 August 2008.

The decrease in earnings is primarily attributable to the write-off of the balance of the restraints of trade totalling R23 million.

In terms of the listings particulars, this balance was due to be written-off in full during the previous financial year.

However, with the actual listing date having occurred later than originally anticipated, the write-off of the restraints of trade commenced later than expected and carried over into the year under review.

Similarly pre-opening expenses for 15 on Orange (Proprietary) Lt, Quantum's 50% management joint venture with Protea Hotels Group (Proprietary) Ltd, which should have been written-off in the previous financial year if the hotel had opened on schedule, were written-off in full during the year and were higher than expected at approximately 6 million rand.

Excluding the once-off write-off of the restraints of trade and the pre-opening expenses, the basic and headline losses per share would have been approximately 2.3 cents.

Source: I-Net Bridge