Datatec Limited- Trading Update
Datatec Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/005004/06)
Share code: DTC ISIN: ZAE000017745
("Datatec" or "the company")
TRADING UPDATE
The rapid appreciation of the Rand during the five months ended 28 February 2003
has resulted in additional unrealised foreign exchange losses, which are outside
the control of management. The foreign exchange losses in the five months ended
28 February 2003 are expected to be substantially higher than those incurred in
the six months to September 2002.
Shareholders are also advised that the Group`s effective tax rate for the full
financial year is expected to be higher than that indicated in the first half,
as a result of not raising deferred tax assets in certain operations where
losses have been made.
Although revenues in dollar terms seem to have stabilised, trading conditions
remain difficult. Difficult trading conditions combined with the foreign
exchange losses and the high effective tax rate will result in Datatec posting a
Rand reported headline loss per share for the eleven month period ending 28
February 2003. Another consequence of the aforementioned is that there will be a
reduction in the Rand denominated net asset value.
Sandton
3 March 2003
Sponsor
RMB Corporate Finance
Date: 03/03/2003 07:30:00 AM Supplied by www.sharenet.co.za
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