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TSX
TSX
TSX - Trans Hex Group Limited - Trading statement
TRANS HEX GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number (1963/007579/06)
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or "the Company" or "the Group")
TRADING STATEMENT
Trans Hex is currently finalizing its results for the six months ended 30
September 2010 ("the period"), which should be released on SENS on 28 October
2010.
The Group expects to report a loss for the period of R103 million compared to a
profit of R9 million for the previous corresponding reporting period.
The Group is expecting to report a loss per share for continuing operations of
96.7 cents (Sep 2009: earnings per share of 9.7 cents) and a headline loss per
share of 96.6 cents (Sep 2009: headline earnings per share of 9.1 cents).
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s auditors.
COMMENTS
The following salient points will be fully reported upon when the Group releases
its results:
- Significant grade under-performance at the South African operations, with
production of 32,288 carats compared to 45,502 carats in the corresponding
reporting period in 2009.
- Sales revenue down to R243 million (Sep 2009: R371 million) primarily as a
result of grade under-performance, but also affected by the stronger Rand.
- Net cash utilized during the period was R68 million (Sep 2009: R42 million
generated) resulting in the Group`s net cash position at the end of the
reporting period being R177 million (Sep 2009: R247 million).
- A 24% increase in total gravels treated in SA and a 9% reduction in the
unit cost of production.
- Major initiatives implemented to counter the effects of the lower than
expected grades achieved during the reporting period and of the stronger
Rand.
- Good progress in Angola, with Project Luana achieving sales of US $11.3
million (Sep 2009: US $0.0), of which US $2.3 million repaid to Trans Hex.
Cape Town
25 October 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/10/2010 07:05:01 Produced by the JSE SENS Department.
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