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DTA
DTA
DTA - Delta EMD Limited - Trading Statement for the half year ending 27 June
2010
Delta EMD Limited
Incorporated in the Republic of South Africa
Registration number 1919/006020/06)
Share code: DTA ISIN: ZAE000132817
("Delta" or "the Group")
TRADING STATEMENT FOR THE HALF YEAR ENDING 27 JUNE 2010
Delta shareholders are referred to the Group`s 2009 Annual Report, and the
Chairman`s Review contained therein, dated 19 February 2010.
Global economic conditions continue to soften demand for disposable alkaline
batteries, with a corresponding contraction of global demand for alkaline grade
EMD. The Group`s sales of lower priced zinc carbon EMD have replaced alkaline
grade EMD sales, resulting in a less attractive sales mix and lower average
selling prices during the half year.
Production volumes were reduced during the first half as planned to maintain
desired stock levels and to allow for equipment maintenance as well as the set
up required for the production of the Group`s new premium grade product. Reduced
production has affected the Group`s operating profit due to under-recovery of
manufacturing overheads.
Operating profit for the half year ending 27 June 2010 is forecast to be lower
than for the same period in 2009 due to the one-off sales of offshore stocks
made during the first six months of 2009, as well as the less attractive sales
mix and increased under-recovery of manufacturing overheads.
Product exports from the Nelspruit plant have been affected by the Transnet
strike action. The following forecasts anticipate that the current shipment
backlog, together with planned volumes, will be shipped and recorded as revenue
before 27 June 2010.
Earnings and Headline earnings after taxation for the six months ending 27 June
2010 are forecast to be between R26 million and R37 million (2009: Earnings R58
million, Headline Earnings R56 million).
Earnings and Headline earnings per share for the six months ending 27 June 2010
are forecast to be between 52 cents and 75 cents (2009: EPS 118.9 cents, HEPS
115.9 cents)
The forecast financial information on which this trading statement is based has
not been reviewed and reported on by the Group`s auditors.
Delta`s interim results for the six months ending 27 June 2010 are expected to
be released on SENS on 11 August 2010.
Nelspruit
27 May 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27/05/2010 09:25:01 Produced by the JSE SENS Department.
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