BIK
BIK
BIK - Brikor Limited - Trading statement
Brikor Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/013247/06)
(Share Code: BIK ISIN Code: ZAE000101945)
("Brikor" or "the Company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("JSE"), 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 advised that Brikor is currently in the process of finalising
its results for the year ended 28 February 2011. It is anticipated, with a
reasonable degree of certainty, that Brikor will reflect a basic loss per
share of between 33 cents and 37 cents and a headline loss per share of
between 6 cents and 7 cents (2010: basic loss per share of 19,9 cents and
headline loss per share of 5,5 cents) for the year ended 28 February 2011.
The increase in losses during the current year is the result of the continuing
decline in the residential and commercial construction markets in which Brikor
operates, which in turn affected the company`s margins. To accommodate the
effects of the changes in the construction sector, Brikor is in the process of
right-sizing its operations, reducing costs and disposing of certain non-core
assets.
The expectation of the future economic viability of certain plants
deteriorated to such an extent that management had to impair those assets to
their recoverable amount. Therefore an amount of R196,6 million was impaired.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors. The company`s results for
the year ended 28 February 2011 are expected to be released on SENS by 31 May
2011.
27 May 2011
Pretoria
Designated Advisor
Exchange Sponsors
Date: 27/05/2011 12:56:01 Produced by the JSE SENS Department.
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