| Thu 12 Aug 2010, 15:45 | | TRE/MOB - Trencor Limited/Mobile Industries Limite |
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MOB TRE
MOB TRE
TRE/MOB - Trencor Limited/Mobile Industries Limited - Revised 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")
REVISED TRADING STATEMENT
Further to the trading statement published on SENS on 4 August 2010,
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 now expected to be
between 100,0 and 110,0 cents per share for the six months ended 30 June 2010
(2009: 113,1 cents).
HEADLINE EARNINGS are now expected to be between 115,0 and 125,0 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 R175 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 115,0 and 125,0 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 and 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
12 August 2010
www.trencor.net
www.mobile-industries.net
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 12/08/2010 15:39:01 Produced by the JSE SENS Department.
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