COMAIR LIMITED - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
COMAIR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1967/006783/06)
("Comair" or "the Company")
JSE Share code: COM
ISIN number: ZAE000029823
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Comair shareholders are advised that the results for the six-month period ending
31 December 2003, will be substantially below that of the previous comparative
period because:
* Operating profits will be negatively impacted by losses on forward exchange
cover on the acquisition of three Boeing B737-300 aircraft that were
delivered during the interim reporting period ending 31 December 2003.
These losses will be taken to the income statement in accordance with
AC133.
* Yields remain under pressure due to over-capacity in the domestic market
and lower Rand revenues earned from dollar based traffic from international
markets due to the strengthening Rand.
The stronger Rand is however expected to have a positive effect on future
operating costs. The cash position and cash flow of the Comair Group remain
strong.
Further details of the above effects will be provided when Comair"s interim
results for the six months ended 31 December 2003 are published.
As the earnings forecast for the six-month period ending 31 December 2003 has
not been reviewed and reported on by Comair"s auditors, shareholders are advised
to exercise caution when dealing in Comair shares until the aforementioned
interim results are published.
By order of the Board
Johannesburg
4 December 2003
Sponsor:
Nedbank Corporate
Date: 04/12/2003 05:15:02 PM
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