UPDATE 1-SAfrica's ElementOne earnings rise, shares up

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JOHANNESBURG, June 19 (Reuters) - South African media group ElementOne Ltd ELEJ.J said on Thursday its full-year basic headline earnings per share rose to 1,521 cents from 659 cents in the previous period, boosting its shares up over 1 percent.

ElementOne, previously known as Johnnic Communications, said its earnings had been pushed up by its 33.6 percent stake investment in media group Caxton, which had been accounted for, as from April last year, as a financial asset, resulting in an exceptional profit of 1.129 billion rand ($140.6 million).

The asset would attract a deferred capital gains tax charge of 122 million rand, it added.

ElementOne spun off its media and entertainment assets to Avusa Ltd (AVUJ.J), which owns South Africa's biggest newspaper the Sunday Times and Business Day.

ElementOne's profit from continuing operations rose to 1.147 billion rand and profit from discontinued operations was up 2.9 billion rand from 373 million rand.

ElementOne's shares rose 1.80 percent to 12.45 rand by 0823 GMT against the All-Share index .JALSH, which was almost flat. (Reporting by Serena Chaudhry; editing by Sue Thomas)