JOHANNESBURG (miningweekly.com) – JSE-listed mining holding company Assore posted record headline earnings of R4.2-billion for the year ended June 30, up 19.7% on that of the prior year.
It attributed the higher headline earnings to the fact that its 50%-owned subsidiary Assmang had recorded a 16.6% year-on-year increase in headline earnings to R7.5-billion for the 2014 financial year.
Meanwhile, Assore noted that dollar iron-ore prices declined substantially during the second half of the financial year, as the market moved into oversupply mainly as a result of additional volumes of ore being exported from Australia.
The average index price for iron-ore for the second half of the year was 16.5% lower than that of the first half, it pointed out.
“The Assore group reported record headline earnings for the year, despite lower dollar prices for its products, which were more than offset by the weaker rand. Demand for the group’s products remains strong, underpinned by continuing growth in world steel production,” Assore chairperson Des Sacco commented.
Assore declared a final dividend for the year of R5.50 a share, up from the R3.50 a share declared in 2013.