NMS
NMS
Namibian Sea Products Limited - Trading Update
NAMIBIAN SEA PRODUCTS LIMITED - TRADING UPDATE
("NAMSEA" OR "THE COMPANY")
(Incorporated in the Republic of Namibia)
(Registration no. 709/1953)
NSX SHARE CODE :NAS
JSE SHARE CODE :NMS & ISIN: NA0008640246
TRADING UPDATE
In terms of the Listings Requirements of the Namibian Stock Exchange ("NSX
Listings Requirements"), companies are required to publish a trading statement
as soon as they become aware that the financial results for the period to be
reported on next will be materially different from that of the previous
corresponding period.
NAMSEA hereby advises that the net loss after taxation for the year ended 31
December 2005 attributable to ordinary shareholders amounted to N$27 697 000,
equivalent to a loss of 23,8 cents per share (2004: Loss of N$5 295 000; loss of
4,6) cents per share.
The reversal of deferred tax assets and liabilities accounted for N$21 609 000
of the loss.
Headline earnings per share amounted to a loss of 25,4 cents (2004: headline
loss of 4,7 cents per share).
The group incurred a net loss for the year ended 31 December 2005 and continues
to incur losses. These losses are due to the low levels of pilchard quota, poor
infrastructure in Angola resulting in delays with the implementation of
diversification initiatives in that country and the effect of the strong
Namibian dollar on US dollar denominated proceeds from Angola.
The directors are negotiating with various parties to provide additional capital
and working capital on an ongoing basis. Should negotiations not be successful
these conditions give rise to a material uncertainty which may cast doubt on the
group"s ability to continue as a going concern and, therefore, that it may be
unable to realise its assets and discharge its liabilities in the normal course
of business.
The full results are expected to be published towards the end of March 2006.
29 March 2006
Sponsor to Namsea in Namibia
Investment House Namibia
Member of the Namibian Stock Exchange
Sponsor to Namsea in South Africa
PSG Capital Limited
Date: 29/03/2006 02:37:06 PM Produced by the JSE SENS Department
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