Mining holding company Assore expects both its headlines earnings and attributable earnings for the six months ended December 31, to decrease, on the back of weaker demand for its manganese and chrome products.
Iron-ore sales volumes were also lower year-on-year, but this was partially offset by higher prices and a 4% weaker rand:dollar exchange rate.
Assore’s headline earnings are expected to decrease by between 26% and 31% to between R2.02-billion and R2.16-billion, compared with headline earnings of R2.92-billion reported for the six months ended December 31, 2018.
Attributable earnings are expected to decrease by between 27% and 31% to between R2-billion and R2.130-billion, compared with earnings of R2.92-billion reported for the prior comparable period.
Assore expects to publish its results for the six months on or about February 21.