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1TM
1TM
1TM - 1time Holdings Limited - Trading Statement
1time Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/017536/06)
(JSE code: 1TM ISIN: ZAE000102026)
("1time","the company" or "group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("JSE"), companies are
required to publish a trading statement as soon as they are satisfied that a
reasonable degree of certainty exists that the financial results for the period
to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.
Shareholders are advised that 1time is currently finalising its results for the
six month period ended 30 June 2008 and are advised that despite achieving a
profit before interest, tax and depreciation, 1time`s earnings and headline
earnings will be a loss of between R5 million to R7 million for the six months
ended 30 June 2008. The earnings and headline earnings per share are expected to
be a loss of between 2.4 cents and 3.3 cents per share. The financial
information on which this trading statement is based has not been reviewed by
1time`s auditors.
The results for the six months ended 30 June 2008 are expected to be published
on SENS by the end of August 2008.
The expected net loss incurred by the group should be viewed in context of the
most difficult trading period in global aviation history. The loss is largely
attributed to the 91% increase in average rand jet fuel prices compared to the
same period last year, increasing fuel cost by R140 million. The increased fuel
costs were partially recouped by 1time airline`s exceptional revenue
performance, increasing passenger revenue by 54% on the back of higher yields
and a 28% passenger growth achieved in a stagnant market. Despite the difficult
trading conditions, the group performed well to generate positive cash flow in
excess of R20 million from operating activities.
Prospects for the second half remain positive, 1time airline is expected to
continue to grow its market share, revenues and yields in the seasonally
stronger second half of the year. Should crude oil and the Rand Dollar exchange
rate remain at current levels, the group is confident that it can achieve
profits for the full year.
22 August 2008
Johannesburg
Designated Adviser
Exchange Sponsors
Date: 22/08/2008 17:50:01 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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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.
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