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PCN
PCN
PCN - Paracon Holdings Limited - Trading Update
Paracon Holdings Limited
Incorporated in the Republic of South Africa
(Registration Number 1997/008181/06)
Share code: PCN & ISIN: ZAE000029674
("Paracon")
TRADING UPDATE
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period. Accordingly, a review of the
financial results for the six months ended 31 March 2009 by management has
indicated that headline earnings per share and basic earnings per share are
expected to be between 15% and 25% lower than those in the previous period.
The reason for the decrease is as a result of the following:
- The Secondary Tax on Companies ("STC") incurred on the cash distribution to
shareholders in the six month period ended 31 March 2009 was higher than
the STC incurred in the previous corresponding period. In the prior period,
a portion of the distribution to shareholders was paid in the form of a
capital reduction distribution, in respect of which no STC was incurred.
- Indian based associate, Nihilent Technologies (Proprietary) Limited
(`Nihilent`), experienced difficult trading conditions in the past six
months. Notwithstanding that Nihilent made an operating profit during the
six months ended 31 March 2009, the impact of the volatility in foreign
currency movements experienced in this period resulted in the inclusion of
significant foreign exchange translation losses in Nihilent`s results. As
Nihilent is an associate, its performance has no impact on Paracon`s cash
flow or operations.
If the impact of the STC charges and the results from Nihilent are excluded, the
adjusted headline earnings per share and adjusted basic earnings per share are
expected to be approximately the same as those in the previous corresponding
period.
The financial information on which this trading statement is based has not been
reviewed or reported on by Paracon`s auditors. Paracon`s interim financial
results are expected to be released on or about 11 May 2009.
By order of the Board
28 April 2009
Sponsor
Merchantec (Proprietary) Limited
Date: 28/04/2009 15:30:02 Produced by the JSE SENS Department.
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