CUL - Cullinan Holdings Limited - Trading statement

CUL - Cullinan Holdings Limited - Trading statement                             
CULLINAN HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1902/001808/06)                                            
Share code: CUL      ISIN: ZAE000013710                                         
("the company")                                                                 
TRADING STATEMENT                                                               
Shareholders are advised that the headline earnings per share for the financial 
year ended 30 September 2008 are expected to be approximately 60 to 70% lower   
than those for the corresponding period last year, while earnings per share will
decrease by approximately 50 to 60%.                                            
The decline in expected profits of the company is due to adverse trading        
conditions over the past year.  The company believes that the fluctuation of    
currencies and generally negative publicity regarding holidays as well as poor  
general market conditions, have resulted in a decline in both the inbound and   
outbound travel businesses of Cullinan Holdings.                                
The company has addressed these conditions by way of a number of new sales      
initiatives, the implementation of cost reduction measures and an efficiency    
drive throughout the Group.  In addition, Cullinan has purchased Central Boating
with effect from October 1st 2008.  Central Boating is a marine industry leader 
in the importation and distribution of leisure marine equipment to both the     
yachting and power boat sectors of the market in South Africa. The acquisition  
of Central Boating will strengthen Cullinan`s current presence in the marine    
industry and will add additional profits to the Group in the future.            
This financial information has not been reviewed and reported on by the auditors
of the company.                                                                 
By order of the board                                                           
Johannesburg                                                                    
9 October 2008                                                                  
Sponsor                                                                         
Arcay Moela Sponsors (Proprietary) Limited                                      
(Registration number 2006/033725/07)                                            
Date: 09/10/2008 14:34:01 Supplied by www.sharenet.co.za                     
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