PET
PET
PET - Petmin Limited - Trading Update
Petmin Limited
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code: PET & ISIN: ZAE000076014
("Petmin", "the company" or "the group")
Trading Update
Shareholders of PETMIN are hereby advised that headline earnings per share
for the half year ending 31 December 2006 are likely to be in line with
management`s expectations and will be approximately 2,97 cents per share,
up from 2,34 cents per share for the six months ended 31 December 2005, an
increase of 27%. This growth in headline earnings per share has been
achieved despite an approximate 100% increase in the weighted average
number of issued shares (from 221 084 000 to 441 205 000) to predominantly
finance the development of the Somkhele Anthracite Project that, as
planned, will only start to generate revenue during the second quarter of
2007.
Basic earnings per share for the half year ending 31 December 2006 are
expected to be approximately 8,73 cents per share, down from 17,64 cents
per share for the six months ended 31 December 2005, a decrease of 51%. The
difference between the headline and basic earnings per share is
predominantly due to profit generated on acquisition of subsidiary
(negative goodwill). For the six month period to 31 December 2005, Petmin
acquired Springlake Holdings (Pty) Limited, and a once off profit on
acquisition of R33,8 million was recognised in the basic earnings per share
calculation. Without the once off profit on acquisition of R33,8 million,
the Basic earnings per share for the half year ending 31 December 2005
would have been 2,34 cents per share.
Petmin announced in December 2006 that it had entered into an agreement to
sell its entire shareholding in Baobab Mining and Exploration (Pty) Ltd for
GBP 2,5 million and at 31 December 2006 all the suspensive conditions save
for the `Ministerial Consent" as required by Section 11 of the Minerals and
Petroleum Act, had been obtained. If all the conditions of the sale had
been concluded on 31 December 2006, the Basic earnings per share for the
half year ending 31 December 2006 would have been approximately 15 cents,
down from 17,64 cents per share for the six months ended 31 December 2005,
a decrease of 15%.
This trading statement has not been reviewed or audited by the company`s
auditors.
The company expects to release its interim results within the next 10 days.
28 February 2007
Johannesburg
Sponsor and Corporate Advisor
River Group
Date: 28/02/2007 16:57:00 Produced by the JSE SENS Department.
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