Assore warns of lower FY earnings amid lower iron, manganese prices
JOHANNESBURG (miningweekly.com) – JSE-listed mining holding company Assore expects its attributable earnings for the year to June 30 to decline to between R1.23-billion and R1.5-billion, from R4.01-billion in the prior financial year.
Headline earnings were expected to fall to between R1.7-billion and R2.08-billion, from R4.23-billion in the 2014 financial year.
Earnings a share for the year to June 30 would be between R11.89 and R14.53, compared with R38.81 in the prior financial year, while headline earnings a share would drop to between R16.47 and R20.13, compared with R40.98 the year before.
Assore attributed the lower earnings to significant declines in the dollar selling prices of its iron and manganese products.
The average dollar prices for 62% iron content fines grade ore delivered in China over the year-to-date had averaged about $72/t, compared with $123/t in the previous year.
The impact of these lower prices on earnings had, however, been partially offset by a weaker rand:dollar exchange rate, which predominated over the current year.
Meanwhile, the group also expected to record impairment charges, after taxation, of R411-million against certain of its jointly controlled and owned smelting and mining operations and R109-million against available-for-sale financial assets.
Assore’s results would be published on August 27.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
