| Fri 8 Oct 2010, 11:06 | | AFT - Afrimat Limited - Trading statement |
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AFT
AFT
AFT - Afrimat Limited - Trading statement
Afrimat Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/022534/06)
Code: AFT ISIN: ZAE000086302
("Afrimat")
TRADING STATEMENT
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited,
Afrimat is pleased to announce that its earnings and headline earnings per share
("HEPS") for the six months to August 2010 are expected to increase by
approximately 3% and 1%, respectively, compared to the same period in the
previous year.
The improved financial indicators were driven by an upturn in the business
sector towards the end of the interim period. However, the Black Economic
Empowerment transaction, announced on 31 August 2009, and the Mineral and
Petroleum Resources Royalty Act effective from 1 March 2010, resulted in a
dilution of HEPS by 4,3% and 3,8%, respectively.
Of the group`s key operations Aggregates and Contracting activities achieved
good results, Readymix Concrete remained under pressure and Concrete
Manufactured Products marginally underperformed compared to the previous
comparative period. Management is satisfied with the group`s overall performance
in the current market conditions.
The approval of the Department of Mineral Resources ("DMR") is the only
outstanding condition precedent to conclusion of the acquisition of Glen Douglas
Dolomite (Pty) Ltd. The DMR has confirmed that all submissions are in order.
The financial information on which this voluntary trading update is based has
not been reviewed by the company`s auditors. The company`s interim results will
be released on or about 8 November 2010.
Cape Town
8 October 2010
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 08/10/2010 11:06:01 Produced by the JSE SENS Department.
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