Metmar to benefit from investment sale

[] — COMMODITY trading company Metmar on Wednesday said it expects to report an increase of between 16% and 27% in its first half headline earnings per share.

Attributable earnings per share for the six months to end August 2010 were, however, expected to decrease by 85% to 90% over those of the previous corresponding period.

Metmar last year reported attributable earnings of 72.6 cents per share.

The company said the main contributor to the percentage decrease in attributable EPS is the profit from the sale of PGR 17 Investments, which was included in attributable earnings for the six months to end August 2009, but excluded from headline earnings during that same period.

It said the rise in headline earnings was due to improved trading conditions compared to the depressed economic environment that prevailed in the corresponding period.

Metmar’s interim results will be released early in November 2010.