To view the PDF file, sign up for a MySharenet subscription.

TSX - Trans Hex Group Limited - Trading statement

Release Date: 25/10/2010 07:05
Code(s): TSX
Wrap Text

TSX - Trans Hex Group Limited - Trading statement TRANS HEX GROUP LIMITED Incorporated in the Republic of South Africa Registration number (1963/007579/06) Share code: TSX ISIN: ZAE000018552 ("Trans Hex" or "the Company" or "the Group") TRADING STATEMENT Trans Hex is currently finalizing its results for the six months ended 30 September 2010 ("the period"), which should be released on SENS on 28 October 2010. The Group expects to report a loss for the period of R103 million compared to a profit of R9 million for the previous corresponding reporting period. The Group is expecting to report a loss per share for continuing operations of 96.7 cents (Sep 2009: earnings per share of 9.7 cents) and a headline loss per share of 96.6 cents (Sep 2009: headline earnings per share of 9.1 cents). The financial information on which this trading statement is based has not been reviewed and reported on by the Company`s auditors. COMMENTS The following salient points will be fully reported upon when the Group releases its results: - Significant grade under-performance at the South African operations, with production of 32,288 carats compared to 45,502 carats in the corresponding reporting period in 2009. - Sales revenue down to R243 million (Sep 2009: R371 million) primarily as a result of grade under-performance, but also affected by the stronger Rand. - Net cash utilized during the period was R68 million (Sep 2009: R42 million generated) resulting in the Group`s net cash position at the end of the reporting period being R177 million (Sep 2009: R247 million). - A 24% increase in total gravels treated in SA and a 9% reduction in the unit cost of production. - Major initiatives implemented to counter the effects of the lower than expected grades achieved during the reporting period and of the stronger Rand. - Good progress in Angola, with Project Luana achieving sales of US $11.3 million (Sep 2009: US $0.0), of which US $2.3 million repaid to Trans Hex. Cape Town 25 October 2010 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 25/10/2010 07:05:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story