Trans Hex is currently finalising its results for the twelve months ended 31 March 2012 (“the period”), which should be released on SENS on 1 June 2012.
The Group expects to report a net profit for the period of approximately R208 million compared to a loss of R45,1 million for the previous
corresponding reporting period.
Profit after tax from continuing operations is expected to amount to approximately R81,0 million (2011: loss of R11,4 million) primarily as a
result of a 21.4% increase in South African carat production to 84,409 carats (2011: 69,508 carats) and a 14.7% increase in sales revenue to R755 million (2011: R658,0 million).
Profit af ter tax from discontinued operations is expected to amount to approximately R127 million (2011: loss of R33,7 million) as a result of the prescription of certain debts in respect of the terminated Luarica and Fucauma joint venture projects in Angola, the revision of certain provisions in respect of remaining liabilities relating to those projects, and the set-off of certain liabilities owed by joint venture
parties to Trans Hex in respect of those projects, resulting in a reversal of impairment.
The Group is expecting to report earnings per share from continuing operations of approximately 77 cents (2011: loss per share of 10,8 cents) and earnings per share from discontinued ope rations of approximately 121 cents (2011: loss per share of 31,9 cents).
Headline earnings per share from continuing operations are expected to be approximately 76 cents (2011: loss per share of 14,3 cents) and headline earnings per share from discontinued operations are expected to be approximately 121 cents (2011: loss per share of 31,4 cents).
Net cash generated during the period was approximately R80 million (2011: R21,9 million) resulting in the Group’s net cash position at the end of the reporting period being approximately R347 million (2011: R267,5 million). Net asset value per share at 31 March 2 012 amounted to approximately 442 cents (2011: 292 cents).
The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s auditors.