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Trading statement
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
("the Group")
TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2013
Shareholders are advised that the Group is presently finalising its
annual financial statements for the year ended 31 March 2013.
The Group expect headline earnings per share to be at a minimum of
50% lower than the comparable period's 20.27 cents and that basic
earnings per share for the year ended 31 March 2013 to be at a
minimum of 60% lower than the prior period's 35.08 cents.
The expected decrease in earnings per share is mainly attributable
to the following key factors in the 2013 financial period:
Reduced revenue and profitability in the Micro Insurance Segment in
South Africa. The decrease in revenues is as a result of certain
claims administration contracts that ended during the period and
were not renewed; coupled with a significant investment and new
business spend on launching the group’s micro-insurance products in
South Africa.
Reduced revenue from property sales representing the final sales of
properties in the Phase I of the ‘Landbank’ monetisation program,
which began in the 2010 financial period. Phase II will only be
ready for monetisation during the 2014 financial year.
Further details will be provided in the annual integrated report,
due to be released on or about 21 June 2013.
Financial information on which this trading statement is based has
not been reviewed or reported on by the Group's auditors..
By order of the board
DJ Steyn
Company Secretary
4 June 2013
JSE Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
NSX Sponsor
IJG (Pty) Limited
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