GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Trading Update
GOODERSON LEISURE CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1972/004241/06)
(JSE code: GDN ISIN: ZAE000084984)
("Gooderson" or "the company")
TRADING UPDATE
In terms of the Listings Requirements of the JSE Limited ("JSE"), section
3.4(b), companies are required to publish a trading statement as soon as they
are satisfied that a reasonable degree of certainty exists that the financial
results for the period will differ by at least 20% from the financial results
for the previous corresponding period.
Shareholders are advised that the company is in the process of finalising its
results for the year ended 28 February 2010 and that the earnings and headline
earnings for this period is expected to decrease by at least 50% compared to the
comparative period. At this stage, the company is unable to quantify, with any
degree of certainty, the expected basic and headline earnings per share for the
year ended 28 February 2010 and will release a further announcement containing
such detail in due course.
The decrease in profits results from inter alia a drop in room occupancies in
two major hotels situated on the Durban beachfront due to tough economic trading
conditions, ongoing upgrade of the beachfront promenade and the major
refurbishment programme undertaken by the company during the year resulting in
additional interest and depreciation charges. The decrease in profits is also as
a result of the upgrade and refurbishment costs of the two additional hotels
acquired.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
14 May 2010
Durban
Date: 14/05/2010 13:00:01 Produced by the JSE SENS Department.
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