| Fri 20 Feb 2009, 16:02 | | QHL - Queensgate - Revised Profit Forecast |
|
QHL
QHL
QHL - Queensgate - Revised Profit Forecast
QUEENSGATE HOTELS AND LEISURE LIMITED
(Formerly Cyberhost Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013649/06)
Share code: QHL & ISIN code: ZAE000113718
(`Queensgate` or `the Company`)
REVISED PROFIT FORECAST
Shareholders are advised that, pursuant to the acquisition of Queensgate
Business Development (Proprietary) Limited, the directors have elected to
release a revised profit forecast for the years ended 31 August 2009 and 31
August 2010.
31 August 31 August
2009 2010
R`000 R`000
Revenue 129 827 206 898
Cost of Sales 30 361 32 897
Gross profit 99 466 174 001
Other operating expenses (58 989) (87 538)
Profit from operations 40 477 86 463
Income from equity accounted 4 827 10 590
investments
Finance charges (10 400) (10 400)
Profit before taxation 34 903 86 653
Taxation (9 773) (24 263)
Profit for the year 25 130 62 390
Shares in issue 1 606 819 1 606 819
736 736
Earnings per share (c) 1.63 3.88
Headline earnings per share (c) 1.63 3.88
Material assumptions:
- Rooms revenue from the hotel businesses has been forecasted for the year
ended 31 August 2009, on the existing hotel portfolio only, while four new
hotels, which are already in the pipeline, have been included in the
forecast for the year ended 31 August 2010. Accordingly, although the
revenue forecast is based on management`s best expectations for the
completion of these new hotels, it necessarily contains uncertainty as to
the timing of the commencement of operations of these new hotels.
- Revenue from food and beverage is assumed to be in line with existing
ratios being experienced in the group`s existing hotel operations.
- Costs have been assumed in line with those percentages currently being
experienced within the existing hotel, food and beverage, and wellness
businesses.
- Fees earned from business development projects have been forecast on the
expected progress made in these projects as estimated by management and
accordingly, the forecast does not provide for any unexpected delays in the
commencement, duration and completion of these projects.
- No amortisation of intangible assets has been provided as the intangible
assets are assumed to have an indefinite useful life.
- Taxation and deferred taxation are provided at the nominal rate of 28%.
The results have been reviewed by Nolands Incorporated, whose report is
available for inspection at the company`s registered office.
Reminder of cautionary announcement
Shareholders are reminded that the released a cautionary announcement dated 10
February 2009, advising that negotiations are in progress which, if successfully
concluded may have a material effect on the price of the company`s securities.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a full announcement is made.
By order of the board
Johannesburg
20 February 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 20/02/2009 16:02:11 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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.
