IFH - IFA Hotels & Resorts Limited - Trading statement
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the group")
TRADING STATEMENT
The Listings Requirements of the JSE Limited requires companies to
publish a trading statement as soon as they become reasonably
certain that the financial results for the reporting period will
differ by more than 20% from that of the previous corresponding
period.
IFA is currently finalising its annual results for the year ended 30
June 2009. Shareholders are advised that both the loss per share and
headline loss per share will be between (R0.16) and (R0.19)(2008:
loss per share and headline loss per share R0.03 and R0.03,
respectively). The annual results will be published during September
2009.
The decline in profits can be attributed to a number of factors, in
particular the following:
- A lack of "available for sale" land stock in the Zimbali
Coastal Resort together with the global economic slowdown has
resulted in an adverse sales variance. Revenue from the land
sales attributable to Zimbali Lakes and Zimbali Office Estate,
launched in November 2008 will mainly be recognised in 2010.
- An increase in the share of losses from associate Boschendal
(Pty) Ltd. Further development planning has reached an advance
stage and we remain confident of a return to profitability in
due course.
- An increase in the share of losses from associate Legend and
IFA Developments (Pty) Ltd caused by an adverse sales variance
of land stock. We expect this to stabilise as the economy
recovers.
- The comparable period for the joint venture OLIFA Hotels &
Resorts Namibia (Pty) Ltd was a part year (5 months) of
trading. The current period represents a full year result.
The directors believe that the prospects for the group remain
positive as demonstrated by an improving sales trend in Zimbali in
the 1st half of 2009. In addition, further earnings are expected as
the economy recovers through the group's investments in Boschendal
(Pty) Ltd (Cape Town, South Africa), Legend Golf and Safari Resort
(Waterberg, South Africa) and OLIFA Hotels and Resorts Namibia (Pty)
Ltd.
The financial information on which this trading statement is based
has not been reported on by IFA's auditors.
7 August 2009
Zimbali
Sponsor to the group
QuestCo Sponsors (Pty) Ltd
Date: 07/08/2009 17:32:01 Produced by the JSE SENS Department.
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