After posting continued heavy loses that sat at P1.1 billion for the year ending August 2010, Blue was taken over by new shareholders, Mayibuye Group, in August last year in an attempt to plug the losses.Blue, which listed on the Botswana Stock Exchange three years ago, operates in 12 African countries. In a mark of fortunes turning around, the company advised shareholders in a cautionary statement this week that although it was still in the red, financial performance for the interim ending 31 August 2011 was going to be significantly higher than the previous period.
The restructuring embarked upon by the company during the past financial year and the impact of the Mayibuye turnaround strategy have contributed to the improvement in financial results, the statement said.Blue advised shareholders that it expected its headline earnings per share for the six months to end August 2011 to be between a headline loss of 0.54thebe per share and headline earnings of 0.54 cents per share. Earnings per share are expected to be between a basic loss of 0.58t per share and basic earnings of 0.53t per share. These compare with the headline loss per share and basic loss per share of 24.59t and 25.01t respectively in the prior comparative period.
