Listed furniture, electronic and electric appliance retailer JD Group expects its basic headline earnings per share for the six-month period ending February 29 2004 to be more than 50% higher than those reported for the previous corresponding period.
In a trading statement on Friday, JD Group said that its net borrowings have declined further due to the better-than-expected cash generation. At the same time, the quality of receivables has improved since the end of 2003, with the level of arrears being the lowest for a number of years.
Trading conditions subsequent to February 2004 remained buoyant, it added, with the momentum in sales experienced in the first half continuing into the second half of the year. The group plans to release its results for the six months to the end of February on May 18.
JD Group’s share price jumped 2,4% or R1,05 to R45,50 from R44,45 rand on the news, and were last quoted on the JSE Securities Exchange South Africa at R45,30, up 2.4% from Thursday’s close of R44,25. — I-Net Bridge