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1TM
1TM
1TM - 1time Holdings Limited - Trading Statement
1time Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/017536/06)
(JSE code: 1TM ISIN: ZAE000102026)
("1time"or "group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("JSE"), companies are
required to publish a trading statement as soon as they are satisfied that a
reasonable degree of certainty exists that the financial results for the period
to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.
Shareholders are advised that 1time is currently finalising its results for the
twelve months ended 31 December 2008 and are advised that despite achieving an
operating profit, 1time`s earnings will be a loss of between R9 million to R11
million for the twelve months ended 31 December 2008 and headline earnings will
be a profit of between R0.5 million and R1, 5 million for the twelve months
ended 31 December 2008. The earnings per share are expected to be a loss of
between 4.3 cents and 5.2 cents per share and headline earnings per share are
expected to be between 0.2 cents and 0.7 cent per share. The financial
information on which this trading statement is based has not been reviewed by
1time`s auditors.
The results for the twelve months ended 31 December 2008 are expected to be
published on SENS by the end of March 2009.
The expected decrease should be viewed in context of the most turbulent year in
global aviation history. The decrease is largely attributed to the 65% increase
in average Rand jet fuel prices compared to the same period last year,
increasing fuel cost by R230 million. The dramatic weakening of the Rand in the
last quarter of 2008 and a R10, 8 million impairment loss on the four DC`9
aircraft held for sale also contributed to the expected decrease. The increased
fuel costs were partially recouped by 1time airline`s exceptional revenue
performance, increasing group revenue by 56% on the back of higher yields and an
18% passenger growth achieved in a contracting market. Group revenue for 2008
managed to break the billion Rand level. Despite the difficult trading
conditions, the group performed well to generate positive cash flows in excess
of R76 million from operations.
19 March 2009
Johannesburg
Designated Adviser
Exchange Sponsors
Date: 19/03/2009 15:52:01 Produced by the JSE SENS Department.
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