BSR
BSR
BSR - Basil Read Holdings Limited - Trading Update
Basil Read Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1984/007758/06)
Share Code: BSR ISIN: ZAE 000029781
("Basil Read" or Group")
TRADING UPDATE
Shareholders are advised that Basil Read expects its earnings for the period
ending 31 December 2011 to be between 39% and 49% lower compared to the
previously reported corresponding period.
Shareholders are further advised that Basil Read expects its headline
earnings for the period ending 31 December 2011 to be between 28% and 38%
lower compared to the previously reported corresponding period.
Earnings for the year have been negatively affected by difficult trading
conditions in the construction sector which have led to the group raising
provisions for end of site losses in the amount of R115 million. These
provisions relate primarily to three loss making contracts comprising a
railway construction project in the Northern Cape, a roads contract in the
Free State and a roads contract in Botswana. The group currently has claims
against certain of these losses but due to the uncertain nature of the
outcome of these claims, no provision has been made for any potential
recovery.
Shareholders are further advised that included in headline earnings is an
adjustment for the impairment of goodwill relating to the group`s investment
in Sladden International (Botswana) (Pty) Ltd.
The financial information on which this trading statement is based has not
been reviewed or reported on by Basil Read`s auditors.
The group`s results for the period ending 31 December 2011 will be published
on or about 22 March 2012.
Johannesburg
2 March 2012
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Date: 02/03/2012 15:00:02 Produced by the JSE SENS Department.
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