Chrometco expects to report narrowed losses for the 2020 financial year
AltX-listed Chrometco expects to report a headline loss a share of between 0.97c and 1.27c for the financial year ended February 29.
This represents a 16% to 36% improvement on the restated headline loss a share of 1.52c reported for the year ended February 28, 2019.
The company’s loss a share is likely to be between 0.85c and 1.55c, representing a year-on-year improvement of between 55% and 76% compared with the loss a share of 3.52c reported for the prior financial year.
Chrometco in its annual report for the year ended February 28, 2019 stated that it had been suffering from volatile chrome market factors, with erratic ups and downs, affecting the price received from the sale of its product.
The company has for some time been implementing strict cost control measures and has not declared a dividend in the last four years.
Research agency CRU in May reported that there is concern in the global market that output from chrome mines will be under pressure in the coming months, especially since some output had been lost owing to the lockdown in South Africa.
CRU, at the time, said global chrome supply was likely to decrease by 5% year-on-year this year, but to recover in 2021 as demand growth returns.
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