FPF - Finbond - Trading Update - Year Ending 28 February 2009
FPF
FPF
FPF - Finbond - Trading Update - Year Ending 28 February 2009
Finbond Property Finance Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: FPF & ISIN: ZAE000097259
("Finbond" or "the Company")
TRADING UPDATE - YEAR ENDING 28 FEBRUARY 2009
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 year ending 28 February 2009 to be between
7,2 cents and 11,9 cents per share as compared to the earnings and headline
earnings, on a fully diluted basis, of 23,8 cents reported for year ended 29
February 2008.
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 and consequential restructuring costs. Monthly mortgage
origination volumes measured by formal grants (by the four major banks) have
declined from R1,8 billion in May 2007 to R346 million in December 2008.
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 results for the year ending 28 February 2009 at the end
of May 2009.
Pretoria
23 January 2009
DESIGNATED ADVISER:
GRINDROD BANK LIMITED
Date: 23/01/2009 15:00:02 Produced by the JSE SENS Department.
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