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IFH
IFH
IFH - IFA Hotels & Resorts Limited - Trading update for the year ended
30 June 2010
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the Group")
Trading update for the year ended 30 June 2010
In accordance with paragraph 3.4 (b) of the Listings Requirements of the JSE
Limited, which requires companies to publish a trading statement as soon as
they become reasonably certain that the financial results for the reporting
period will differ by more than 20% from that of the previous corresponding
period, shareholders of IFA are advised that the loss per share for the year
ended 30 June 2010 is expected to be between 30.00 cents and 32.00 cents
(2009: loss 17.46 cents per share) and the headline loss per share for the
year ended 30 June 2010 is expected to be between 25.00 cents and 27.00 cents
(2009: loss 17.55 cents per share)
The results for the year ended 30 June 2010 will be published toward the end
of September 2010.
The increase in losses is mainly attributable to provisions which recognise
the delayed recovery of the property market and in particular relating to the
Group`s investments in OLIFA Hotels and Resorts Namibia (Pty) Limited as well
as Legend and IFA Developments (Pty) Limited.
The IFA board of directors have recognised the impact that the recessionary
climate has had on the Group and are managing the Group appropriately.
The directors are encouraged by the level of economic activity at Greater
Zimbali, where a new record was set in the sale of all categories of property
during 2009, despite the recession. Sales activity has been enhanced by the
opening of the Fairmont Zimbali Hotel and Resort on 31 May 2010 as well as the
commencement of the new Zimbali Lakes Resort, including the Gary Player
signature golf course.
Further, the completion of the first phase of the Legends Golf and Safari
Resort in Limpopo, which combines 180 luxury rooms with a signature golf
course and big 5 experience, provides a sound foundation for the profitability
of this investment as the operating assets progress toward full
functionality.
This trading statement has not been reviewed or reported on the Group`s
external auditors.
10 September 2010
Zimbali
Date: 10/09/2010 17:00:01 Produced by the JSE SENS Department.
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