IFH
IFH
IFH - IFA Hotels & Resorts - Trading Statement
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the company")
Trading statement
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period.
IFA is currently finalising annual results for the year ended 30 June 2008.
Shareholders are advised that the earnings per share and headline earnings per
share will be between 130% and 135% less than the previous corresponding period.
The annual results will be published in late September 2008.
The decline in net profit is attributable mainly to non- recurring items. IFA
Zimbali changed operators from a local to an international five star operator,
namely Fairmont Hotels & Resorts. This has resulted in material once off
charges. Fairmont Hotels & Resorts will also manage a sister property within
Zimbali Coastal Resort and therefore IFA believes that the long term benefits of
changing operators will far outweigh these initial charges.
In addition, IFA Hotels has had limited stock to sell in the Zimbali Coastal
Resort pending the release of new inventory in the next phase, the Zimbali Lakes
Resort.
The directors believe that a solid foundation has been laid for long-term
sustainable growth and are confident that earnings will show improvement in the
upcoming financial year through IFA`s investments in Boschendal Limited (Cape),
Legend Golf and Safari Resort (Waterberg), OLIFA Hotels and Resorts (Namibia),
the future release in the existing Zimbali Coastal Resort, as well as the
impending release of inventory in Zimbali Lakes. IFA`s share of total
unrecognized sales from the current projects is R1,85billion.
The financial information on which this trading statement is based has not been
reported on by the company`s auditors.
20 August 2008
Zimbali
Sponsor to the company
QuestCo Sponsors (Pty) Ltd
Date: 20/08/2008 16:41:34 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
