https://www.miningweekly.com

Assmang expects 2014 earnings jump despite price declines

Assmang expects 2014 earnings jump despite price declines

Photo by Bloomberg

8th August 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Despite volatile and declining iron-ore prices during the second half of the 2014 financial year, mining holding group Assore expects headline earnings to increase from R3.5-billion in 2013 to between R4-billion and R4.5-billion for the year ended June 30.

Average prices for the group’s products were marginally lower in the financial year, but these declines were more than offset by a weaker rand:dollar exchange rate.

This resulted in turnover for Assore’s 50%-owned iron-ore and ferroalloy producer Assmang increasing by 12% year-on-year, with a corresponding improvement in commissions on Assmang sales.

Based on these trading conditions, earnings a share for the 2014 fiscal year were expected to increase to between R36.78 and R41.63 from R33.20 in the prior year.

Similarly, headline earnings a share were expected to increase from R34.24 in 2013 to between R38.76 and R43 in the period under review.

The group’s results were expected to be published on September 4.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest Multimedia

Latest News

Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.104 0.14s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: