Bidvest Profit Boosted By Mumbai Airport Sale

February 27, 2012

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South African industrial conglomerate Bidvest Group reported a 37.4 percent jump in first-half profit on Monday, lifted by the sale of its stake in Mumbai Airport.

Bidvest, whose business includes food distribution, auto retailing and shipping, said diluted headline earnings per share totalled 739.3 cents in the six months to end-December compared with 538 cents a year earlier.

Headline EPS, the main profit measure in South Africa, was boosted by ZAR400 million rand (USD$52.7 million) proceeds from the sale of the company's stake in Mumbai airport, without which earnings would have increased by just 13.6 percent.

Bidvest, which makes more than a quarter of its sales overseas, said sales rose 15.1 percent to ZAR67.3 billion rand (USD$8.86 billion) helped partly by favourable currency swings.

Shares in the company are up more than 11 percent so far this year, outpacing 7 percent gain in the JSE Top-40 index.