BGEO Group profits up

BGEO Group posts third quarter profits of GEL141.5mln - up 75.0% y-o-y - while earnings per share rose to GEL3.55, up 74.0% y-o-y

Nine-month profit was GEL339.8mln, up 57.9% y-o-y and nine-month EPS was GEL8.12, up 47.4% y-o-y.

The group's figures have been positively affected by one-off items recorded during the reporting period, including partly offsetting one-off items. The combined effect of the deferred tax adjustments and 'net non-recurring items' results in a net benefit of GEL61.3m in 9M16, of which GEL25.5m and GEL34.6m were reported in 2Q16 and 3Q16, respectively.

Profit excluding the effect of these deferred tax adjustments and 'net non-recurring items' was GEL106.9m in 3Q16 (up 24.9% y-o-y) and GEL278.5mln in 9M16 (up 25.2% y-o-y).