Consol - Chairmans Statement At The Annual General
Consol - Chairman"s Statement At The Annual General Meeting
Consol Limited
(Incorporated in the Republic of South Africa)
Registration number 1946/021828/06
Share code: CSL
ISIN: ZAE000063251
("Consol" or "the Company")
CHAIRMAN"S STATEMENT AT THE ANNUAL GENERAL MEETING
At the Company"s annual general meeting held on 18 October 2005, the Chairman,
Royden Vice, commented as follows:
"Trading conditions for the first quarter remained positive resulting in volume
growth of 17.7% compared to the same period in the prior year. The relatively
high growth must however be viewed against weak volumes in July and August last
year and some earlier glass off-take this year, ahead of the traditional peak
season. Revenue in the first quarter grew by 14% which was lower than the volume
growth because of sales mix variances in glass and lower plastic selling prices.
Notwithstanding the slightly lower revenue growth, the operating profit margin
in the first quarter was maintained in line with the prior year.
Although it is not our practice to forecast volumes, we believe that, given the
high level of first quarter growth, it is prudent to give guidance to
shareholders for the first half of the financial year. Current indications are
that the volume growth for this period will be about 10%.
As a consequence and assuming that the economic outlook for South Africa remains
favourable the prospects for the business remain positive."
Wadeville
18 October 2005
Sponsor
Standard Bank
Enquiries
Consol
Mike Arnold, Group Managing Director
Tel: +27 11 874 2228
Cell: +27 83 270 9483
Karuna Nayager, Group Financial Director
Tel: +27 11 874 2272
Cell: +27 83 500 9808
Hylton Falgate, Group Company Secretary
Tel: +27 11 874 2252
Cell: +27 83 382 9030
Date: 18/10/2005 08:47:08 AM Produced by the JSE SENS Department
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