PRETORIA PORTLAND CEMENT COMPANY LIMITED - Chairma
PRETORIA PORTLAND CEMENT COMPANY LIMITED - Chairman"s Statement and Results of
Annual General Meeting
PRETORIA PORTLAND CEMENT COMPANY LIMITED
Incorporated in the Republic of South Africa
(Registration No.: 1892/000667/06)
("PPC")
JSE code: PPC
ISIN code: ZAE000005559
Chairman"s Statement and Results of Annual General Meeting
At the 108th Annual General Meeting of PPC shareholders held today, the Chairman
provided a trading update on the first quarter of the financial year, referring
first to an extract from the prospects section of the Chairman"s review in the
Annual Report of 2003, as follows:
"Local cement demand is expected to show growth of 4% to 5% in the year ahead.
Notwithstanding these developments, improved operating profits are expected
although net profit attributable to shareholders will be impacted by increased
tax charges. The group remains well positioned to benefit from any
opportunities that may arise. The strong cash flows are expected to continue
and no major capital expenditure is planned in 2004."
He continued to update the meeting on trading conditions in the past quarter,
commenting as follows;
"Trading conditions in the first quarter of this financial year have been
favourable and local cement sales volumes grew ahead of expectations. Whilst
the growth in demand during the October to December quarter was pleasing, recent
commentary on the outlook for construction, indicate that this level of growth
may not be sustained during 2004.
Porthold in Zimbabwe experienced continued difficult conditions, but both sales
volumes and revenue were slightly ahead of expectations.
Despite Lime volumes being lower in the 4th quarter of 2003, revenue growth
remained satisfactory. Packaging volumes reflected good gains in all market
segments."
Thereafter, those shareholders present in person or by proxy approved all the
ordinary and special resolutions proposed, with the required majorities.
The minutes of the Annual General Meeting will be posted on PPC"s website,
www.ppc.co.za in due course.
Parktown
26 January 2004
Sponsor
Cazenove
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