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Metmar continues losses

4th October 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Metmar on Friday said more losses were expected for the six months to August 2013.

The group would deliver an attributable loss a share of between 17.66c and 17.22c and a headline loss a share of between 9.59c and 9.93c for the first half of the year.

The interim period’s results included a R47.1-million goodwill impairment arising from Metmar’s exit from the West African Group division and a R3.3 million mark-to-market loss from listed investments.

Metmar sold the division to West African International for R50-million plus the movement in the division’s net asset value between March 1 and July 1, to a maximum of R20-million.

Excluding the adjustments, the group would have returned to profitability with attributable earnings a share of between 0.10c and 0.54c.

Metmar would publish its financial results for the interim period on October 31.

Edited by Creamer Media Reporter

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