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1TM
1TM
1TM - 1time - Trading Statement
1time holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/017536/06)
(JSE code: 1TM ISIN: ZAE000102026)
("1time")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the period to be
reported on will differ by 20% or more from the financial results for the
previous corresponding period.
Shareholders are hereby advised that 1time is currently finalising its results
for the year ended 31 December 2010. Accordingly, a review of the financial
results for the year ended 31 December 2010 by management, has indicated that
earnings per share is expected to be between 0.1 cents and 2.5 cents and
headline earnings per share is expected to be between 20.0 cents and 24.0 cents.
The above results are due to a combination of the following:
Airline:
1time Airline (Proprietary) Limited has performed well. Revenue has increased by
approximately 10% and passenger numbers by 7% compared to the 2009 financial
year; however margins were negatively impacted by the 10% increase in fuel costs
and 36% increase in airport charges.
Maintenance:
Safair Technical (Proprietary) Limited has not performed as anticipated and has
incurred losses for the period. Management has implemented measures to restore
profitability in the 2011 financial year.
Impairments:
The difference between earnings and headline earnings per share relate mainly to
aircraft valuation impairment charges as a result of the strong Rand/US Dollar
exchange rate.
The financial information on which this trading statement is based has not been
reviewed or reported on by 1time`s auditors.
The results for the year ended 31 December 2011 are expected to be released on
SENS on or about Thursday, 17 March 2011.
Johannesburg
11 March 2011
Sponsor
Merchantec Capital
Date: 11/03/2011 17:49:01 Produced by the JSE SENS Department.
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