Vunani shares leap despite set of weak results

File image: Vunani chief executive Ethan Dube. File picture: Simphiwe Mbokazi. (IOL).

DURBAN – Financial services group Vunani’s share price leapt more than 16percent on the JSE yesterday despite the group reporting a weak set of financial results for the six months to end August, with earnings down by 31percent.

Vunani reported a 31percent decline in both basic headline earnings per share and basic earnings per share to 10.8cents a share, down from 15.7c compared to last year.

The group attributed the decline to community unrest at their main coal operating site, resulting in an 80percent decrease in production.

Chief executive Ethan Dube said that it had been a challenging first half, with the economic environment remaining tough and with trading interruptions in their coal business.

“The coal production disruptions negatively impacted our overall results and we are relieved to have resolved these issues.