| Tue 4 Aug 2009, 16:01 | | TRE / MOB - Trencor / Mobile - Trading Statement |
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MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile - Trading Statement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1968/014997/06)
Share Code: MOB
ISIN: ZAE000091435
("Mobile")
TRADING STATEMENT
Holders of securities in Trencor and Mobile are advised that Trencor`s
adjusted headline earnings (which excludes net unrealised foreign exchange
gains and losses on translation of long-term receivables and gains arising
on the early extinguishment of debt by Textainer) are expected to be between
110,0 and 120,0 cents per share for the six months ended 30 June 2009 (2008:
129,5 cents).
Headline earnings are expected to be between 60,0 and 70,0 cents per share
compared to 204,1 cents for the same period in 2008. The principal reason
for this reduction is that unrealised foreign exchange losses, before tax,
arising on the translation of the net long-term dollar-denominated
receivables amounted to R235 million for the period compared to net
unrealised foreign exchange gains, before tax, of R194 million in the
corresponding period in 2008; this represents a net, non-cash, turnaround in
pre-tax profit of R429 million. The spot exchange rate strengthened by 153
cents from US$1 = R9,27 at 31 December 2008 to R7,74 at 30 June 2009. In
the corresponding period last year, the spot exchange rate weakened by 107
cents. Following the adoption of Improvements to IFRS, net gains and losses
arising from the sale of containers from Textainer`s container fleet are now
included in headline earnings and comparative figures have been amended as
appropriate. Basic earnings for the entity as a whole are expected to be
between 70,0 and 80,0 cents per share for the six months ended 30 June 2009
(2008: 181,1 cents per share).
Based on Trencor`s estimated earnings above, Mobile is expected to report
headline earnings per share of between 5,0 and 7,0 cents per share for the
half year (2008: 16,5 cents). Undiluted basic earnings for the entity as a
whole are expected to be between 5,0 and 7,0 cents per share for the six
months ended 30 June 2009 (2008: 14,6 cents per share).
The financial information on which this trading statement is based has not
been reviewed or reported on by Trencor`s or Mobile`s independent auditors.
The unaudited interim results in respect of the six months ended 30 June
2009 are expected to be published on or about 14 August 2009.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
4 August 2009
www.trencor.net
www.mobile-industries.net
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/08/2009 15:51:13 Produced by the JSE SENS Department.
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