| Wed 6 May 2009, 8:00 | | ASO - Austro - Trading Statement |
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ASO
ASO
ASO - Austro - Trading Statement
Austro Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
Share code: ASO & ISIN: ZAE000090882
("Austro" and, together with its subsidiaries "the group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they become aware that the financial
results for the period to be reported upon next will differ by at least 20% from
the financial results for the previous corresponding period.
Shareholders are advised that, for the six months ending 28 February 2009,
Austro anticipates headline earnings per share and earnings per share to be
between 40% and 60% lower than the previous corresponding period. In the
previous interim financial period, headline earnings was 10.9 cents per share
and earnings was 11.0 cents per share.
The main reason for the decrease is due to the extremely negative impact the
current economic downturn had on the woodworking division. Although trading
conditions were expected to be tough, as indicated in the group`s Annual Report,
the severity and speed of the impact of the global financial crisis on
woodworking`s customers have been worse than anticipated. Management is
addressing the poor performance by aligning the overhead structure of the
business to that of the downturn of activity in the industry. The group remains
confident that this business can weather the markets, whilst improving market
share, with a leaner structure.
The largest division, Power, continues to produce solid results. The results are
down but considering the current economic circumstances and that the prior year
comparative period was at the height of the power crisis, the division has held
up well under the circumstances.
The financial information on which this trading statement is based has not been
audited or reviewed by the Austro`s auditors.
The interim financial results announcement will be released on SENS on or around
11 May 2009.
6 May 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 06/05/2009 08:00:01 Produced by the JSE SENS Department.
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