CMO - Chrometco - Trading Update - Year Ended 28 February 2010
CMO
CMO
CMO - Chrometco - Trading Update - Year Ended 28 February 2010
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE000070249
("Chrometco" or "the company")
TRADING UPDATE - YEAR ENDED 28 FEBRUARY 2010
In terms of the listing requirements of the JSE Limited, companies are required
to publish a trading update as soon as a reasonable degree of certainty exists
that the financial results for the period to be reported on will differ by 20%
or more from the financial results for the previous corresponding period.
Shareholders are advised that Chrometco is currently finalising its results for
the year ended 28 February 2010 and that earnings per share for the period under
review is expected to increase by between 65% to 75% compared to the previous
comparative period for 2009. Headline earnings per share is expected to increase
by between 60% to 70% for the year ended 28 February 2010 compared to the
previous comparative period for 2009.
The increase in earnings is predominantly due to an estimated prior year
overprovision for current taxation, as well as an associated increase in
deferred taxation assets relating to unutilised assessed losses at year end. The
expected increase in earnings has been determined after taking into account a
25% increase in operating costs compared to the previous corresponding period.
The increase in operating costs was attributed due to activity surrounding the
Lime-Chem acquisitions, as well as the review of other opportunities.
The financial information on which this trading statement is based has not been
reviewed or reported on by Chrometco`s auditors.
The company`s results for the year ended 28 February 2010 are expected to be
published on SENS on or about 8 May 2010.
For and on behalf of the board of directors
P.J. Cilliers
Managing Director
5th May 2010
Directors: P.C.Baloyi (Chairman), P.J.Cilliers (MD), J.G.Scott, T.W.Scott
Designated Advisor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 05/05/2010 16:41:01 Produced by the JSE SENS Department.
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