Photo by: Bloomberg
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.