20 Sep 2011
In terms of the Listing Requirements of the JSE Limited, companies are required to publish a Trading Statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period.
PPC advises that earnings per share and headline earnings per share for the year ending 30 September 2011 are expected to be between 25% and 30% lower than the previous corresponding period. In line with guidance given at PPC’s interim results during May 2011, cement demand in South Africa improved marginally during the second half of PPC’s financial year. However, cement demand in the Western Cape Province, where PPC enjoys high exposure, continued to lag the rest of the country.
While a successful price increase during July 2011 will enhance revenues for August and September 2011, the overall pricing environment is expected to remain competitive and this together with ongoing input inflation, continues to present a challenging business environment.
PPC further advises that it will be conducting group discussions with a number of local investors on 21 and 22 September 2011. A presentation, detailing the information that will be provided, will be posted on PPC's website, www.ppc.co.za during the morning of 21 September 2011
The financial information, on which this trading statement is based, comprises of management accounts which have been prepared by the Company and which have not been reviewed or reported on by the Company’s external auditors. PPC will release its annual results for the twelve months ending 30 September 2011 on 8 November 2011.