| Wed 4 Aug 2010, 15:41 | | TRE/MOB - Trencor/Mobile - Trading statement |
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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Trading statement
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")
TRADING STATEMENT
Shareholders in Trencor and Mobile are advised that Trencor`s ADJUSTED
HEADLINE EARNINGS (which excludes net unrealised foreign exchange gains and
losses on translation of long-term receivables and, in respect of 2009, gains
arising on the early extinguishment of debt by Textainer in 2009) are
expected to be between 95,0 and 105,0 cents per share for the six months
ended 30 June 2010 (2009: 113,1 cents).
HEADLINE EARNINGS are expected to be between 110,0 and 120,0 cents per share
compared to 68,8 cents for the same period in 2009. The principal reasons
for this increase are (a) that unrealised foreign exchange gains, before tax,
arising on the translation of the net long-term dollar-denominated
receivables amounted to R36 million for the period compared to net unrealised
foreign exchange losses, before tax, of R235 million in the corresponding
period in 2009; this represents a net, non-cash, turnaround in pre-tax profit
of R271 million which (b) has been partially offset by the gains of R174
million on early extinguishment of debt by Textainer in 2009 not repeated in
this period. The spot exchange rate declined by 28 cents from US$1 = R7,35
at 31 December 2009 to R7,63 at 30 June 2010. In the corresponding period
last year, the spot exchange rate strengthened by 153 cents. Basic earnings
are expected to be between 110,0 and 120,0 cents per share for the six months
ended 30 June 2010 (2009: 77,8 cents per share).
Based on Trencor`s estimated earnings above, Mobile is expected to report
basic and headline earnings of between 9,0 and 10,0 cents per share for the
half year (2009: 6,2 cents).
The financial information on which this trading statement is based has not
been reviewed or reported on by Trencor`s and Mobile`s independent auditors.
The unaudited interim results in respect of the six months ended 30 June 2010
are expected to be published on or about 19 August 2010.
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
4 August 2010
www.trencor.net
www.mobile-industries.net
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/08/2010 15:39:01 Produced by the JSE SENS Department.
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