CUL
CUL
CUL - Cullinan Holdings Limited - Trading statement
CULLINAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1902/001808/06)
Share code: CUL ISIN: ZAE000013710
("the company")
TRADING STATEMENT
Shareholders are advised that the headline earnings per share for the financial
year ended 30 September 2008 are expected to be approximately 60 to 70% lower
than those for the corresponding period last year, while earnings per share will
decrease by approximately 50 to 60%.
The decline in expected profits of the company is due to adverse trading
conditions over the past year. The company believes that the fluctuation of
currencies and generally negative publicity regarding holidays as well as poor
general market conditions, have resulted in a decline in both the inbound and
outbound travel businesses of Cullinan Holdings.
The company has addressed these conditions by way of a number of new sales
initiatives, the implementation of cost reduction measures and an efficiency
drive throughout the Group. In addition, Cullinan has purchased Central Boating
with effect from October 1st 2008. Central Boating is a marine industry leader
in the importation and distribution of leisure marine equipment to both the
yachting and power boat sectors of the market in South Africa. The acquisition
of Central Boating will strengthen Cullinan`s current presence in the marine
industry and will add additional profits to the Group in the future.
This financial information has not been reviewed and reported on by the auditors
of the company.
By order of the board
Johannesburg
9 October 2008
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
(Registration number 2006/033725/07)
Date: 09/10/2008 14:34:01 Produced by the JSE SENS Department.
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