On the back of generally better trading conditions, JSE-listed Assore expects its headline earnings a share for the financial year ended June 30, to be between 20% and 28% higher year-on-year at between R59.33 and R63.31.
Attributable earnings a share are likely to increase by between 11% and 19% to between R55.16 and R58.85, headline earnings by between 20% and 28% to between R6.1-billion and R6.5-billion and attributable earnings by between 11% and 19% to between R5.6-billion and R6-billion.
The increases are on the back of a generally stronger market for Assore’s key products during the period, as well as higher iron-ore prices.
Assore noted in a trading update to shareholders, published on Wednesday, that while manganese ore prices had remained at similar levels to 2018, prices for chrome ore and manganese alloys had been lower.
The oversupply in the global manganese alloy market situation continued and worsened in the second half of the financial year, which the company said resulted in a cumulative impairment charge of R507-million, relating to Assore’s indirect effective interest in Sakura Ferroalloys, in Malaysia.
Assore’s financial results will be published on September 5.