Consol - Chairmans Statement At The Annual General
CSL
CSL
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 19 October 2006, the
Chairman, Royden Vice, commented as follows:
First quarter trading update
Trading conditions for the first quarter ended 30 September 2006 remained
positive but sales volumes were slightly below the comparable period in the
prior year. The prior year represents a high base due to unusually strong
glass volumes (growth of 17.7%) which, at the time, we advised must be
viewed against weak volumes in July and August 2004 and in addition there
was earlier glass off-take last year ahead of the peak season.
Seasonal sales volumes have now largely normalised and as a consequence
volumes for the first quarter were 2.2% below the same period in the prior
year. Revenue in the first quarter grew by 3.7%. Within the glass division,
volumes were 2.1% below, and revenue 5.8% above, the corresponding period in
the prior year as a result of selling price adjustments and a slightly
better product mix.
Given the first quarter volume anomalies and 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 positive and in line with
economic growth data. As a consequence and assuming that the economic
outlook for South Africa continues to be favourable the prospects for the
business are positive.
Wadeville
19 October 2006
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
Date: 19/10/2006 08:36:14 AM Produced by the JSE SENS Department
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