Southern Electricity Company Limited - Trading Sta
SLO
SLO
Southern Electricity Company Limited - Trading Statement
Southern Electricity Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/006894/06)
Share code: SLO & ISIN: ZAE000041919
("SELCo" or "the company")
Trading Statement
The directors of SELCo hereby notify shareholders that the company"s earnings
and headline earnings per share for the six months ended 31 December 2005 are
expected to be approximately 40% to 50% lower than the earnings and headline
earnings per share for the six months ended 31 December 2004. This decline is
largely the result of an ongoing tariff dispute with the Keetmanshoop Municipal
Council in the face of a NamPower increase. SELCo is taking steps to mitigate
its loss and the matter is currently before the courts of Namibia. Our legal
advisors are confident that the issue can be resolved in the courts and an
interim order has been granted in our favour. An arbitrable dispute has also
been launched to protect and to enforce the rights of SELCo herein.
Furthermore, we wish to advise that our 20-year Mozambican project, although in
its infancy stage, is progressing well and should enhance SELCo"s profits in
times to come.
The financial information on which this trading statement is based has not been
reviewed or reported on by SELCo"s auditors. The interim results are expected
to be published on or about 17 March 2006.
Pretoria
10 March 2006
Sponsor: Bridge Capital Services (Pty) Limited
Date: 10/03/2006 04:41:02 PM Produced by the JSE SENS Department
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