IFH - IFA Hotels & Resorts Limited - Trading Statement
IFH
IFH
IFH - IFA Hotels & Resorts Limited - Trading Statement
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the group")
Trading statement
The Listings Requirements of the JSE Limited requires companies to publish a
trading statement as soon as they become reasonably certain that the financial
results for the reporting period will differ by more than 20% from that of the
previous corresponding period.
IFA is currently finalising its interim results for the six months ended 31
December 2008. Shareholders are advised that both the loss per share and
headline loss per share will be between (R0.065) and (R0.078)(2007: earnings and
headline earnings per share R0.01 and R0.01, respectively). The interim results
will be published during March 2009.
The decline in profits can be attributed to a number of factors, in particular
the following:
- a lack of "available for sale" land stock in the flagship Zimbali Coastal
Resort together with the global economic slowdown which resulted in an
adverse sales variance; and
- once off transitional costs which were incurred through the appointment of
Fairmont Hotel & Resorts (an international five star operator) to manage
the Zimbali Lodge.
The directors believe that the prospects for the group remain good with an
improving sales trend experienced in the 1st quarter of 2009. In addition,
further earnings are expected through the group`s investments in Boschendal
Limited (Cape), Legend Golf and Safari Resort (Waterberg), OLIFA Hotels and
Resorts (Namibia) and Zimbali Lakes.
The financial information on which this trading statement is based has not been
reported on by IFA`s auditors.
5 February 2009
Zimbali
Sponsor to the group
QuestCo Sponsors (Pty) Ltd
Date: 05/02/2009 16:30:01 Produced by the JSE SENS Department.
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