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UPDATE 1-S.Africa's Bidvest FY profit beats consensus
August 27, 2012 / 6:37 AM / 5 years ago

UPDATE 1-S.Africa's Bidvest FY profit beats consensus

* Diluted headline EPS at 1,470.8 cents vs 1,154 cents

* Consensus: 1,367 cents

* Results helped partly by weak rand (Adds details)

JOHANNESBURG, Aug 27 (Reuters) - South African industrial conglomerate Bidvest Group beat estimates posting a 27.5 percent rise in full-year profit on Monday, lifted by proceeds from the partial sale of its stake in Mumbai International Airport and favourable currency swings.

Bidvest, whose business include food distribution, auto dealerships and shipping, said diluted headline earnings per share totalled 1,470.8 cents in the year to end-June, above a 1,367 cents estimate in a Reuters poll of 11 analysts.

Headline EPS, the main profit measure in South Africa, strips out certain one-off items.

The company sold half of its 27 percent stake in Mumbai International Airport late last year, earning 400 million rand ($47.65 million) from the deal.

Bidvest, which makes more than a quarter of its sales overseas, said revenue increased 12.7 percent to 133.5 billion rand ($15.90 billion). ($1 = 8.3941 South African rand) (Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard)

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