| Fri 20 Aug 2010, 14:20 | | 1TM - 1time Holdings Limited - Trading Statement |
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1TM
1TM
1TM - 1time Holdings Limited - Trading Statement
1time Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/017536/06)
(JSE code: 1TM & ISIN: ZAE000102026)
("1time" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, 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 to be reported on will differ by 20% or more from the financial
results for the previous corresponding period.
Shareholders are hereby advised that 1time is currently finalising its
results for the six months ended 30 June 2010. Accordingly, a review of the
interim financial results for the six months ended 30 June 2010 by
management, has indicated that earnings per share is expected to be between
3.65 cents and 7.00 cents and headline earnings per share is expected to be
between 5.25 cents and 8.00 cents.
As advised on 21 July 2010, airline revenue and passenger numbers increased
for the six months ended 30 June 2010 when compared to the same period last
year. The revenue increase was however largely offset by an increase in fuel
and airport costs, resulting in the airline`s profit before tax and
exceptional items being marginally down from the prior period.
Safair Technical (Proprietary) Limited, trading as Jetworx, the aircraft
maintenance subsidiary, has not achieved profitability for the six months
ended 30 June 2010. Management has however during June 2010 implemented a
cost reduction programme, including head count reduction as permitted one
year after the merger, and expects to return to profitability in the second
half of the year.
The prior period earnings included exceptional items for negative goodwill
and exchange gains as well as a credit tax charge which have not recurred in
the current period.
Cash generated from operations improved compared to the prior period.
The financial information on which this trading statement is based has not
been reviewed or reported on by 1time`s auditors.
The results for the six months ended 30 June 2010 are expected to be released
on SENS by Monday, 30 August 2010.
Johannesburg
20 August 2010
Sponsor
Merchantec Capital
Date: 20/08/2010 14:20:01 Produced by the JSE SENS Department.
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