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TRE - Trencor Limited - First quarter update

Release Date: 05/05/2011 16:19
Code(s): TRE
Wrap Text

TRE - Trencor Limited - First quarter update TRENCOR LIMITED Incorporated in the Republic of South Africa Registration No 1955/002869/06 Share Code: TRE ISIN: ZAE000007506 ("Trencor") FIRST QUARTER UPDATE Holders of securities in Trencor are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 60,9% (31 March 2010: 62,0%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$37,2 million for the three months ended 31 March 2011 compared with US$24,2 million for the same period in 2010. Textainer`s results may be viewed on its website www.textainer.com. Adjusted to conform with IFRS, Textainer`s net profit for the three months ended 31 March 2011 was US$39,2 million (same period 2010: US$21,5 million). Trencor`s earnings for the quarter to 31 March 2011 are as follows: 3 months ended 31 March Year ended 31 December 2011 2010 2010
Cents per Cents per Cents per share share share Unaudited Unaudited Audited HEADLINE EARNINGS 89,9 46,3 335,5 (Deduct)/Add Unrealised foreign exchange translation (gains)/losses (9,1) 2,3 33,9 ADJUSTED HEADLINE EARNINGS 80,8 48,6 369,4 SA rand to US dollar: - Period-end rate of exchange R6,76 R7,30 R6,61 - Average rate of exchange for R6,93 R7,54 R7,33 period COMMENTS - Adjusted headline earnings excludes the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment. - Earnings per share for the year ended 31 December 2010 included 72,4 cents following the reduction in the long-term receivables valuation adjustment; amount included for the three months ended 31 March 2011: 1,3 cents (2010: 2,2 cents). - Textainer`s average fleet utilisation increased to 98,2% for the first quarter of 2011 from 90,1% for the first quarter 2010; spot utilisation on 29 April 2011 was 99,0% (30 April 2010: 94,7%). - Textainer ordered over 166 500 twenty-foot equivalent units ("TEU") of new standard dry-freight containers for delivery in the first half of 2011 and purchased 9 000 TEU of refrigerated containers for delivery through July 2011, representing more than US$506,5 million of capital expenditures. - Textainer exercised an option to expand the size of its securitization facility by US$100 million to a total revolving commitment of US$850 million. The financial information on which this update is based has not been reviewed and reported on by Trencor`s independent auditors. On behalf of the Board NI Jowell Chairman 5 May 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) www.trencor.net Date: 05/05/2011 16:19:06 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.

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