SENS

14-05-2010

Trading Statement for the 15 months ended 31 March 2010


TONGAAT HULETT:  TRADING STATEMENT FOR THE 15 MONTHS ENDED 31 MARCH 2010

 

Tongaat Hulett Limited

(Registration number 1892/000610/06)

Share code: TON

ISIN ZAE000096541

 

TONGAAT HULETT:  TRADING STATEMENT FOR THE 15 MONTHS ENDED 31 MARCH 2010

 

Tongaat Hulett’s financial year-end has changed to 31 March in the current reporting period. Headline earnings for the 15 months to 31 March 2010 are expected to be between R840 million and R860 million, which is 34% to 38% above the corresponding previous 15 month period. Headline earnings per share are expected to reflect an increase by a similar percentage.

 

Tongaat Hulett’s profit from operations for the 15 months to 31 March 2010 is expected to be between R1,650 billion and R1,700 billion, which is 25% to 29% above the corresponding previous 15 month period.

 

As reported in the interim results for the 6 months to 30 June 2009 and the 12 months to 31 December 2009, the Zimbabwe operations are now consolidated in Tongaat Hulett’s financial results. The accounting treatment in terms of IFRS on the commencement of consolidation of the Zimbabwe operations gave rise to a balance sheet take-on gain of R1,969 billion, which is recognised in the income statement. This gain is excluded from profit from operations and headline earnings. It is included in total net profit. Total net profit for the 15 months is expected to be approximately R3,000 billion, with net profit per share being approximately 2800 cents per share.  

 

This trading statement is issued in compliance with the JSE Listings Requirements. The above information has not been reported on by the auditors.

 

The audited results for the 15 months ended 31 March 2010 are scheduled for release on Friday, 28 May 2010.

 

Tongaat

14 May 2010

 

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INVESTEC BANK LIMITED