ISC: ISCOR LIMITED - TRADING STATEMENT AND CAUT...
ISC: ISCOR LIMITED - TRADING STATEMENT AND CAUT...
ISCOR LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
ISCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
JSE Share code: ISC
ISIN: ZAE000037453
(Iscor)
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
In terms of the Listings Requirements of the JSE Securities Exchange, South
Africa (the JSE Listing Requirements) a listed company is required to publish
a trading statement as soon as it becomes aware that the financial results for
the next period to be reported on will be materially different from those of the
previous corresponding period.
Iscors results for the six months ended 31 December 2003 will be substantially
lower than the corresponding period in the previous year (substantially being
greater than 30% as defined in the JSE Listings Requirements). This is due to a
combination of the following factors:
* The decline in domestic steel demand
* The effects of the strong Rand
* The remuneration payment of R613m made to the LNM Group in terms of the
Business Assistance Agreement (BAA)
* The provisions made for the costs of the restructuring program to be
implemented in 2004.
The operating environment for the quarter to December 2003 was better than
expected. However, due to the BAA cash payment and the restructuring provisions,
the headline earnings for the quarter will be substantially lower than the
quarter to September 2003.
As the financial results have not been reviewed or reported on by Iscors
auditors, shareholders are advised to exercise caution when dealing in Iscor
shares until the release of the announcement of results for the six month period
ended 31 December 2003, which will be published on 18 February 2004.
Pretoria
26 January 2004
Sponsor to Iscor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 26/01/2004 05:15:02 PM Produced by the JSE SENS Department
26/01/2004 Source: JSE NEWS SERVICE
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