CGR
CGR
CGR - Calgro M3 Holdings Limited - Trading update
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/030045/06)
Share code: CGR ISIN: ZAE000109203
("Calgro M3" or "the company" or "the Group")
TRADING UPDATE
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement as soon as
it becomes aware, with a reasonable degree of certainty, that the financial
results for the next period to be reported on are likely to vary by more than
20% from the previous corresponding period.
Calgro M3 wishes to advise shareholders that the company`s earnings per share
("EPS") for the financial year ended 28 February 2010 ("the 2010 financial
year") is expected to be between 11.72 cents and 12.66 cents compared to 4.74
cents per share as reported in the previous corresponding period. Headline
earnings per share ("HEPS") for the 2010 financial year is expected to be a
headline loss of between 6.01 cents per share and 9.27 cents per share compared
to HEPS of 16.32 cents per share reported in the previous corresponding period.
After excluding fair value adjustments, impairments and non-operational gains
the Group generated a small operating profit for the 2010 financial year, which
essentially reflects a `break-even` position for the Group`s operations, and is
regarded by management as a reasonable outcome in the current tough economic
climate.
After entering into building agreements with more than 400 clients for full-
title units during the first two months of 2010 and 80 sectional title clients
during the launch weekend of the Jabulani project in February 2010, Calgro M3`s
future looks positive. Subsequent to year end, bond approvals have been obtained
for the majority of these units and the relevant revenue arising from these
sales, accounted for on the percentage of completion basis, will be reflected in
the 2011 financial year.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors.
Johannesburg
6 May 2010
Designated Adviser
Grindrod Bank Limited
Date: 06/05/2010 09:30:01 Produced by the JSE SENS Department.
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