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

BSI STEEL LIMITED - Further Trading Statement

Release Date: 03/11/2014 14:04
Code(s): BSS     PDF:  
Wrap Text
Further Trading Statement

BSI Steel Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
JSE code: BSS
ISIN: ZAE000125134
("the company")

FURTHER TRADING STATEMENT

Shareholders are referred to the trading statement announcement published on
SENS on 10 September 2014 where they were advised that the company expected
earnings per share and headline earnings per share for the six month period ended
30 September 2014 to be at least 20% lower than that of the prior comparative
period.

Shareholders are further advised that:

-  earnings per share for the six month period ended 30 September 2014 will be
   0.3 cents which is 95% lower than that of the prior comparative period of 6.3
   cents; and
-  headline earnings per share for the six month period ended 30 September
   2014 will be 0.5 cents which is 92% lower than that of the prior comparative
   period of 6.4 cents

The information in this trading statement has not been reviewed or reported on by the
company’s auditors.

During the six month period ended 30 September 2014, the company was severely
affected by the violent steel industry strike and July turnover was reduced while
operating costs remained unchanged.

As stated in the March 2014 results, the company has embarked on strategic
initiatives to close or restructure all non-profitable operations. These initiatives have
now been completed. The total extraordinary closure costs amounted to R25 million
and were expensed during the six month period ended 30 September 2014.

It is expected that the interim results for the six month period ended 30 September
2014 will be published on or about 6 November 2014.

Johannesburg
3 November 2014

Designated Advisor
Sasfin Capital
(A division of Sasfin Bank Limited)

Date: 03/11/2014 02:04:00 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