IFH - IFA Hotels & Resorts Limited - Trading statement
IFH
IFH
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 interim results for the six months ended 31
December 2009. Shareholders are advised that both the loss per share and
headline loss per share will be between (R0.10) and (R0.11)(2008: loss per
share and headline loss per share R0.07 and R0.07, respectively). The annual
results will be published during March 2010.
The decline in profits can be attributed to a number of factors, in
particular the following:
- An increase in the share of losses from associate Boschendal (Pty) Ltd.
The Directors remain confident that the medium term outlook for this
development is good. Significant re-planning work has been undertaken
during the period reported to maximise earnings potential.
- An increase in the share of losses from associate Legend and IFA
Developments (Pty) Ltd caused by an adverse sales variance of land stock
is expected to stabilize as the economy recovers. We have embarked on a
product diversification strategy in response to the slow market
conditions and are confident that this will yield positive results.
Whilst the Directors remain positive regarding the future prospects for the
group, this is dependent on the pace of economic recovery. The broad and
strategic portfolio of developments should deliver significant earnings in
due course.
The financial information on which this trading statement is based has not
been reported on by IFA`s auditors.
26 February 2010
Zimbali
Sponsor to the group
QuestCo Sponsors (Pty) Ltd
Date: 26/02/2010 15:53:02 Produced by the JSE SENS Department.
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