| Thu 6 May 2010, 11:01 | | TRE/MOB - Trencor/Mobile - First quarter update |
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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - First quarter update
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")
FIRST QUARTER UPDATE
Holders of securities in Trencor and Mobile are advised that Textainer Group
Holdings Ltd (NYSE: TGH), in which Trencor has a 62,0% interest, has announced
US GAAP earnings of US$24,2 million for the quarter ended 31 March 2010
compared with US$20,9 million for the same period in 2009. Profit for the
first quarter last year included a US$2,5 million gain arising on the early
extinguishment of debt following the purchase and cancellation of some of the
2005-1 Series Bonds. Textainer`s results may be viewed on its website
www.textainer.com.
Adjusted to conform with IFRS, Textainer`s earnings for the quarter ended 31
March 2010 were US$21,5 million (same period 2009: US$21,2 million including
US$2,5 million gain arising on early extinguishment of debt).
Trencor`s earnings for the quarter to 31 March 2010 are as follows:
Year ended
Quarter ended 31 31 December
March
2010 2009 2009
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 46,3 90,9 134,8
Add/(Deduct):
Unrealised foreign exchange
translation losses/(gains) 2,3 (23,2) 114,6
48,6 67,7 249,4
Deduct:
Gain realised on the repurchase and
early extinguishment of debt by
Textainer - (8,0) (45,9)
ADJUSTED HEADLINE EARNINGS 48,6 59,7 203,5
SA rand to US dollar:
- Period-end rate of exchange R7,30 R9,60 R7,35
- Average rate of exchange for period R7,54 R9,82 R8,33
Adjusted headline earnings excludes the effect of net unrealised foreign
exchange gains and losses arising on the translation of the long-term
receivables and related valuation adjustment and in 2009, the gain on the
early extinguishment of debt.
The decline in adjusted headline earnings compared to the same quarter last
year is mainly due to the 30% strengthening in the average SA rand/US dollar
exchange rate used to translate US dollar denominated income into rand.
In US dollar terms, adjusted headline earnings per share for the first quarter
were 6,5 US cents (2009: 6,0 US cents).
Textainer`s fleet utilisation in the last week of April 2010 was 94,9% (31
December 2009: 88,6%).
Textainer has ordered more than 70 000 twenty foot equivalent units of new
containers for delivery in the first half of 2010.
Mobile`s headline earnings per share for the quarter were 3,7 cents (same
period 2009: 7,3 cents, full year 2009: 10,8 cents).
The financial information on which this trading update is based has not been
reviewed or reported on by Trencor`s or Mobile`s independent auditors.
On behalf of the Boards
NI Jowell Chairman Trencor Limited
C Jowell Chairman Mobile Industries Limited
6 May 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 06/05/2010 10:28:02 Produced by the JSE SENS Department.
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