| Mon 16 Mar 2009, 12:30 | | SAL - Sallies - Trading Update: Profitability Re-Established After 6 Years |
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SAL
SAL
SAL - Sallies - Trading Update: Profitability Re-Established After 6 Years
Sallies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code: SAL & ISIN: ZAE000022588
("Sallies")
TRADING UPDATE: PROFITABILITY RE-ESTABLISHED AFTER 6 YEARS
Sallies will release its interim results for the 6 months ended 31 December 2008
(H1 F2009) on SENS on 24 March 2009. Presentations are to be held at Summer
Place, 69 Melville Road, Hyde Park at 10h30 for 11h00 on Tuesday, 24 March 2009
and at Westin Grand Cape Town Arabella at 10h30 for 11h00 on Wednesday, 25 March
2009.
Shareholders are advised that
- The profit before notional interest on the convertible debentures, share
based payments and the Buffalo impairment is expected to be R21.4 million,
compared to a loss of R25.6 million incurred over H1 F2008. On this basis
the turnaround in profitability was R47 million.
- The headline earnings per share for H1 F2009 are expected to be
approximately R6.5 million, or 1 cent per share, as compared to a headline
loss of R25.6 million, or 4.1 cents per share.
- Following the mothballing of Buffalo Fluorspar Mine during October 2008,
its fixed assets and slimes dams were fully impaired and its stores were
written down to net realisable value during H1 F2009.
- The total charge arising from this impairment is R74.6 million. In
addition, losses of R31.8 million have been accounted for since 1 August
2006 when the assets constituting the Buffalo Fluorspar Mine were acquired.
- The basic loss per share for H1 F2009, which includes the Buffalo
impairment of R74.6 million, is expected to be approximately R61.6 million,
or 10 cents per share, as compared to a basic loss of R25.6 million, or 4.1
cents per share, for H1 F2008.
The financial information on which this trading update is based, is currently
being reviewed by the company`s auditors, BDO Spencer Steward.
Johannesburg
16 March 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 16/03/2009 12:30:04 Produced by the JSE SENS Department.
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