JSE-listed leisure and hotels group Gold Reef Resorts (GDF) said on Monday that it expects adjusted headline earnings per share (HEPS) for the year ended December 31, 2007 to be 15% to 20% higher than HEPS for the same period in 2006.

It explained that it will publish adjusted headline earnings per share for the current reporting period, as adjustments were made to headline earnings to eliminate the once-off effects of pre-opening expenses at Silverstar Casino and Queens Casino.

The adjusted HEPS will also be used because of IFRS2 charges resulting from the share exchange and the top-up transaction and various transaction costs incurred on the share exchange and top-up transaction, as well as the scheme of arrangement proposed by Fluxrab Investments No 159 (Pty) Ltd.

No Adjusted HEPS were published for the year ended December 2006, so the company was of the opinion that it is appropriate to compare Adjusted HEPS for the year ended December 2007 with HEPS for the comparative period, in order to illustrate year on year operating growth.

It also said that earnings per share are expected to be 50% to 55% lower and headline earnings per share for the period are expected to be 35% to 40% lower because of the once-off effects.

Its reviewed results for the year ended December 31, 2007 are expected to be published on March 17, 2008.

Source: I-Net Bridge