NAMIBIAN FISHING INDUSTRIES LIMITED - ANNOUNCEMENT AND TRADING UPDATE
NAMIBIAN FISHING INDUSTRIES LIMITED
("Namfish" or "the company")
(Incorporated in the Republic of Namibia)
(Registration number 342/1947)
South African share code : NFH
Namibian share code : NMF
ISIN : NA0008640220
ANNOUNCEMENT AND TRADING UPDATE
Winter hake catches worse than expected
Namfish has experienced poorer than expected winter catches this year, probably
due to the developing El Nino phenomenon. The group changed it`s year-end from
December to April to coincide with the quota year and will, for the first time,
be reporting the six months period May to October. A spokesperson for the
company said that winter catches are normally lower than the rest of the year.
This year, however, was worse than expected. It is anticipated that a
significantly larger portion of the quota will be caught in the second half of
the financial year and earnings are likely to follow the same trend.
The group withdrew a number of it`s vessels, during the winter, for scheduled
maintenance, which further reduced volumes and sales.
These factors are likely to result in an operating loss for the six months to
October 2002, the spokesperson added.
Namfish acquired a state of the art wetfish trawler, which commenced operation
in October. The new vessel and the rest of the fleet will be fully operational
during the more lucrative summer catching period.
Management is confident that the second six months of the financial year, which
ends in April 2003, will result in an improved performance given better catch
rates and increased sales volumes.
Sponsor to Namfish in SA Sponsor to Namfish in Namibia
PSG Capital Investment House Namibia
Member of the Namibian Stock Exchange
29 November 2002
Windhoek
Date: 29/11/2002 03:04:43 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
