Aug 2007 Financial News

PUB Releases Half Year Results

Aug 10, 2007

Results for the Half Year Ended June 30, 2007

For the Half Year Ended June 30, 2007, Trinidad Publishing Company Limited (PUB) reported Earnings Per Share (EPS) of 45 cents. This represented an increase of 12.50 per cent or 5 cents on the comparable period in FY06.

Turnover for HY07 rose to $79.09 million, up on the corresponding period of FY06 by a marginal 1.60 per cent or $1.25 million. Income Before Taxation amounted to $24.26 million, an increase of $3.42 million or 16.40 per cent on the previous fiscal year. The Effective Tax Rate for HY07 was 25.29 per cent compared to a Tax Rate of 23.81 per cent for HY06. Ultimately, Income After Taxation increased 14.14 per cent or $2.25 million from $15.88 million to $18.13 million.

The Directors are confident that this growth trend will continue to the end of the year and have approved an interim dividend of 15 cents per share, the same as last year.

Currently, PUB is trading at a price of $20.00. We are revising our forecasted EPS downward to $1.30 for FY07. At this revised forecast and the current price these shares are trading at a price to earnings multiple of approximately 15.38 times. At this time, we therefore recommend a HOLD on this share.


Nancy Chen
WISE Equity Research Team