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AVI
AVI
AVI - AVI Limited - Trading update and statement for the six months ending 31
December 2010
AVI Limited
(Registration number 1944/017201/06)
Share code: AVI
ISIN: ZAE000049433
("AVI" or "the Group")
TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDING 31 DECEMBER 2010
CONTINUING OPERATIONS
AVI`s results for the five months to November 2010 have benefitted from improved
gross profit margins and higher sales volumes. Based on our latest estimate of
results for December 2010, we are reasonably certain that earnings for the six
months to December 2010 will be at least 20% higher than for the same period
last year. Consequently we are required to issue the following statement in
accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited:
- Consolidated headline earnings per share for the continuing operations of
the Group for the six months ending 31 December 2010 are expected to
increase by between 30% and 40% over the comparable period in the prior
year;
- Consolidated earnings per share for the continuing operations of the Group
for the six months ending 31 December 2010, including capital gains and
losses on the disposal of assets, are expected to increase by between 30%
and 40% over the comparable period in the prior year.
DISCONTINUED OPERATIONS - ALPESCA
Efforts to disinvest from the Argentinean hake and shrimp operations conducted
by Alpesca s.a.("Alpesca"), a wholly owned subsidiary of Irvin and Johnson
Holding Company (Proprietary) Limited ("I & J") are ongoing and this operation
will continue to be disclosed as a discontinued operation in AVI`s interim
results. The shrimp operations have had a good first half which has partially
offset operating losses in the hake operation resulting from lower selling
prices into export markets. Alpesca is expected to make an operating loss
similar to that incurred in the first half of the previous year.
It is expected that AVI will release its interim results for the six months
ending 31 December 2010 on 7 March 2011.
The information above has not been reviewed and reported on by the Group`s
auditors.
Illovo
15 December 2010
Sponsor Standard Bank
Enquiries +(27) 11 502 1300
Date: 15/12/2010 09:28:45 Produced by the JSE SENS Department.
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