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BFS to post improved interim results

13 Oct 2011

Battling micro-finance institution, Blue Financial Services (BFS), which operates in 12 African countries, expects to post improved interim results after a significant restructuring of its operations.

Business Report says the announcement comes after the company advised shareholders that it expected to report a headline loss of 0,54 cents a share for the six months to August.

At the time, it said that earnings per share were expected to show a basic loss of 0,58 cents a share and headline earnings of 0,54 cents a share. These compared with a basic loss per share of 24,59 cents and 25,01 cents during the comparative period the year before.

BFS says the main reasons for the improvement can be attributed to costs savings generated by "right-sizing" the business as well as an increase in lending activities as well as reduced credit impairment through improved collection services.

The company says recapitalisation has seen its issued share grow to 5,8-million from 624-million at the end of August 2010. It says it now has a sound platform for growth that will return the group to sustainable profitability in the future.

Read the full article on www.iol.co.za.
Read the full article on www.businessday.co.za.