| Thu 22 May 2008, 12:47 | | TSX - Trans Hex Group Limited - Trading statement |
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TSX
TSX
TSX - Trans Hex Group Limited - Trading statement
TRANS HEX GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number (1963/007579/06)
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or "the Company")
TRADING STATEMENT
Trans Hex is currently finalising its results for the year ended 31 March 2008
("the period"), which should be released on SENS on 28 May 2008.
CONTINUING OPERATIONS
Headline earnings per share for the period are expected to be 8.6 cents compared
to 31.2 cents for the prior year.
The loss for the period (after accounting for the impairment of R26,4 million
described below) is expected to be R1,4 million (1,5 cents per share) compared
with a profit of R51,8 million (48,9 cents per share) for the previous year."
DISCONTINUED OPERATIONS
The operations of two deepwater mining vessels have been discontinued at
financial year end. The after tax loss for the period was R16,72 million (2007:
R10,059 million).
IMPAIRMENT
An impairment of R26,4 million resulting from a decrease in value of the
investment in Diamond Fields International Limited (DFI), gained as part of the
Group`s Benguela Concessions Limited acquisition in 2000, has impacted profits.
The DFI share price has continually declined since acquisition and is now
considered to be of a permanent nature and the write-down has been reclassified
from equity to the income statement.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s auditors.
COMMENTS
The following highlights will be fully reported upon, when the Group releases
its results;
- Second half headline earnings of R41 million compared to first half
headline loss of R32 million
- Extended life of mine achieved at Bloeddrift and Baken
- Operating cost reduction results in 2,4% decrease in cost per cubic metre
at SA land operation
- Production at Laurica increased by 16%
- Operational responsibility taken over at Fucauma
- Bulk sampling at Luana proves 10,4 million carat resources
- Deep water mining operations discontinued
Cape Town
22 May 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Namibian Sponsor
IJG CORPORATE FINANCE (PTY) LTD
Date: 22/05/2008 12:47:01 Produced by the JSE SENS Department.
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