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SNU
SNU
SNU - Sentula Mining Limited - Trading Update
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU & ISIN: ZAE000107223
("Sentula")
TRADING UPDATE
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become satisfied that a reasonable
degree of certainty exists that the financial results for the period to be
reported on next will differ by more than 20% from a profit forecast previously
provided to the market in relation to such period. Accordingly, a review of the
projected financial results for the year ending 31 March 2009 by the board has
indicated that:
- basic earnings per share is expected to be between 17% and 32% lower than
the forecast released on SENS on 27 June 2008 ("forecast"), equating to
between 141 and 116 cents; and
- headline earnings per share is expected to be between 24% and 37% lower
than the forecast, equating to between 130 and 107 cents.
The reductions in comparison to the forecast are due to the following:
- there has been a marked reduction in resource prices, specifically
ferrochrome, which has had an adverse impact on the subsidiary exposed to
this sector;
- the general reduction in commodity prices has resulted in a reduced demand
for exploration drilling. However, this division`s exposure to the coal and
platinum markets has mitigated this reduction and is expected to underpin
revenues for the foreseeable future; and
- slower than anticipated turn-around in Scharrighuisen Open Cast Mining
(Proprietary) Limited ("SOC"), a subsidiary of Sentula, as a result of
disappointing asset availability and historic contract pricing. These
legacy issues are currently being addressed.
The financial information on which this trading statement is based has not been
reviewed or reported on by Sentula`s auditors. Sentula`s financial results for
the year ending 31 March 2009 are expected to be released on or about 15 June
2009.
Johannesburg
3 February 2009
Sponsor
Merchantec (Proprietary) Limited
Date: 03/02/2009 10:00:35 Produced by the JSE SENS Department.
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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.
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