Now how is the market supposed to interpret such a sens ? Firstly, they issue it under their pref share listing (*****s) - secondly - EPS up and HEPS down (ok some fair value accounting tricks there) - then the HEPS down (more testimony to the real issue) but they include the offload of their commodity business in HEPS, so I am confused. And when I am confused about stock - I prefer to offload - especially if they have broken support.
A quick look at this - GND's interims last time had trading contributing around 10% of ebitda. They have offloaded this - so that will account for some losses. But the remaining 20% reduction looks bad... Not sure how they can blame industrial action, because the period under review would have been the platinum strikes - and I mean really, how much platinum can they ship? At a PE of 22, you would expect a decent gain. One thing worth looking at though, on the full year earnings, trading resulted in a R100m loss, which has now been removed - so maybe things aren't all as bad as they seem, but way too much uncertainty for me!