https://www.miningweekly.com

Assore announces record full-year earnings

3rd September 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – JSE-listed mining holding company Assore posted record headline earnings of R4.2-billion for the year ended June 30, up 19.7% on that of the prior year.

It attributed the higher headline earnings to the fact that its 50%-owned subsidiary Assmang had recorded a 16.6% year-on-year increase in headline earnings to R7.5-billion for the 2014 financial year.

Meanwhile, Assore noted that dollar iron-ore prices declined substantially during the second half of the financial year, as the market moved into oversupply mainly as a result of additional volumes of ore being exported from Australia.

The average index price for iron-ore for the second half of the year was 16.5% lower than that of the first half, it pointed out.

“The Assore group reported record headline earnings for the year, despite lower dollar prices for its products, which were more than offset by the weaker rand. Demand for the group’s products remains strong, underpinned by continuing growth in world steel production,” Assore chairperson Des Sacco commented.

Assore declared a final dividend for the year of R5.50 a share, up from the R3.50 a share declared in 2013.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

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:3.492 3.539s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: