FPF
FPF
FPF - Finbond Property Finance - Trading Update - Six Months Ended
31 August 2008
Finbond Property Finance Limited
(Previously Quantum Leap Investments 527 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: FPF ISIN: ZAE000097259
("Finbond" or "the Company")
TRADING UPDATE - SIX MONTHS ENDED 31 AUGUST 2008
In terms of the Listings Requirements of JSE Limited, companies are required
to publish a Trading Update as soon as they become reasonably certain that
the financial results for the period to be reported on next will differ by
more than 20% from the financial results for the previous corresponding
period.
Shareholders are advised that Finbond expects its fully diluted earnings and
headline earnings per share, for the six month period ended 31 August 2008,
to be between 5,1 cents and 7,52 cents per share as compared to the earnings
and headline earnings, on a fully diluted basis, of 12.53 cents reported for
the corresponding period of 2007. This decline is as a result of a
significant decrease in the rate at which banks are approving the mortgage
applications submitted by Finbond`s Mortgage Origination division. Monthly
mortgage origination volumes measured by formal grants (by the four major
banks) have declined from R1,8 billion in May 2007 to R560 million in August
2008.
Current adverse market conditions in the Mortgage Origination market are not
expected to improve and may deteriorate further in the second half of the
financial year.
The financial information on which this Trading Update has been based has not
been reviewed or reported on by the company`s external auditors. Finbond
expects to release its interim results for the six months ended 31 August
2008 during October 2008.
By order of the board.
26 September 2008
Designated Advisor:
Exchange Sponsors (Pty) Ltd
Date: 26/09/2008 17:00:01 Produced by the JSE SENS Department.
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