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Pinnacle -- trading statement
Pinnacle's shareholders are informed that, for the twelve months ended 30 June 2009, Pinnacle's turnover increased by 16% to R 2.89 billion (30 June 2008: R2.5 billion). Fully diluted headline earnings per share is projected to be between 58c and 62c per share, being between 1.4% and 8.4% higher than the results of the comparative period (30 June 2008: 57.2c per share). Stakeholders are reminded that the above results include a foreign exchange loss of R32 million realized on uncovered foreign denominated liabilities incurred during the devaluation of the ZAR in October 2008. Fully diluted headline earnings per share, if adjusted for the exceptional foreign exchange loss, is expected to be between 68c and 73c per share, being between 19% and 27% higher than the previous year (30 June 2008: 57.2c per share). Earnings per share is projected to be between 71c and 75c per share, being between 2.5% and 8.2% higher than the results of the comparative period (30 June 2008: 69.3c per share). Headline earnings per share is projected to be between 71c and 75c per share, being between 1.4% and 7.1% higher than the results of the comparative period (30 June 2008: 70c per share). During the period under review the balance sheet was strengthened considerably. Cash flows from operations amounted to R127 million (30 June 2008: R78 million). Net cash on hand increased from R77 million to R164 million, long term debt was reduced to 3% of equity and net tangible asset value has increased 60% from 126.8c per share to 203 cents per share. The above information has not been reviewed or reported on by the company's auditors. The company's financial results for the 12 months ended 30 June 2009 are expected to be published on or about 14 September 2009.
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