August 7, 2019 / 6:25 AM / 17 days ago

South Africa's Distell sees annual earnings down, writes down Angolan investment

JOHANNESBURG, Aug 7 (Reuters) - South African drinks maker Distell Group said on Wednesday it expects full-year headline earnings to fall as much as 6% and has written down the value of its investment in Angola and took a credit loss provision in Zimbabwe.

Earnings per share (EPS) for the year ended June is expected to fall between 44% and 49% from 750.3 cents in the prior year, Distell, whose brands include Amarula liqueur, Pongrácz sparkling wine and Savanna cider, said in a statement.

This is due to an impairment of 524 million rand ($35.02 million) of its equity accounted investment in Angola’s Best Global Brands Limited, as well as a credit loss provision of 266.1 million rand for its investment in the savings bonds of the Reserve Bank of Zimbabwe, it said.

Headline earnings per share (HEPS), the main measure of profit in South Africa which excludes some one-time items such as impairments, are expected to fall between 1% and 6% from 668.2 cents.

$1 = 14.9610 rand Reporting by Nqobile Dludla, editing by Louise Heavens

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