| Thu 4 Nov 2010, 16:02 | | TRE/MOB - Trencor/Mobile - Third quarter update |
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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Third quarter update
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")
THIRD QUARTER UPDATE
Shareholders in Trencor and Mobile are advised that Textainer Group Holdings Ltd
(NYSE: TGH), in which Trencor has a 61,8% interest, has announced net profit
attributable to its shareholders in US GAAP of US$80,0 million for the nine
months ended 30 September 2010 compared with US$65,4 million for the same period
in 2009. Profit for the nine months last year included a US$15,3 million gain
arising on the early extinguishment of debt following the purchase and
cancellation of some of the 2005-1 Series Bonds, which was not repeated in 2010.
Textainer`s results may be viewed on its website www.textainer.com.
Adjusted to conform with IFRS, Textainer`s net profit for the nine months ended
30 September 2010 was US$76,3 million (same period 2009: US$66,9 million
including the said US$15,3 million gain arising on early extinguishment of
debt).
Trencor`s earnings for the 9 months to 30 September 2010 are as follows:
9 months ended 30 Year ended
September 31 December
2010 2009 2009
Cents per Cents per Cents per
share share share
Unaudited Unaudited Audited
HEADLINE EARNINGS 164,2 79,6 134,8
Add:
Unrealised foreign exchange translation
losses 18,0 113,6 114,6
182,2 193,2 249,4
Deduct:
Gain realised on the repurchase and
early extinguishment of debt by
Textainer in 2009 - (45,9) (45,9)
ADJUSTED HEADLINE EARNINGS 182,2 147,3 203,5
SA rand to US dollar:
- Period-end rate of exchange R6,95 R7,36 R7,35
- Average rate of exchange for period R7,44 R8,62 R8,33
COMMENTS
- Adjusted headline earnings exclude the effect of net unrealised foreign
exchange gains and losses arising on the translation of the long-term
receivables and related valuation adjustment and in 2009, the gain on the
early extinguishment of debt.
- Textainer has ordered 212 620 TEU in new containers year-to-date for
delivery through December 2010, 90% of which will be owned directly by
Textainer; 180 732 TEU, or 85%, are committed to long-term leases.
- Textainer`s fleet utilisation in the last week of October 2010 was 98,5%
(31 December 2009: 88,6%).
Mobile`s headline earnings per share for the 9 months were 13,2 cents (same
period 2009: 5,7 cents, full year 2009: 10,8 cents).
The financial information on which this trading update is based has not been
reviewed or reported on by Trencor`s or Mobile`s independent auditors.
On behalf of the Boards
NI Jowell Chairman Trencor Limited
C Jowell Chairman Mobile Industries Limited
4 November 2010
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 04/11/2010 15:52:11 Produced by the JSE SENS Department.
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