LISTED Paratus Namibia Holdings Limited will release its 2021 financial statements on or before tomorrow, and has signalled that earnings would be lower when compared to the 2020 financial year.

According to a trading statement released on the Namibian Stock Exchange yesterday, Paratus is expected to record both basic and headline earnings per share for the year ending June 2021, which are between 10% and 30% lower than in 2020.

The lower performance stems from a comparability disadvantage.

According to the update, the main reason for the above decrease was that the comparative period's financial results were for a period of 16 months, while the current reporting period spans 12 months.

The 2020 financial year was longer because the company changed its group's year-end from February to June.

The average number of shares on issue at 30 June 2020 was also lower than those on 30 June 2021 due to a share swap transaction concluded early last year.

Paratus made a profit of N$25,4 million over the 16-month period.

Copyright The Namibian. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English