Jul 30, 2012
Hulamin recovering from mill failure, earnings downBack
Hulamin|Aluminium Products Producer|Product|Products|Richard Jacob
© Reuse this
The group’s record achievement of 219 000 t annualised production volume during the first four months of the year was offset by a 46-day downtime as repairs to the mill were made.
The mill was recommissioned to full capacity in June and, while the first half of the year absorbed about 60% of the negative impact, the second half would still register some of the remnants of the mill shutdown, said CEO Richard Jacob.
Hulamin was still on track to ramp up production of rolled products to 250 000 t/y.
Meanwhile, revenues fell to R3.1-billion, from R3.3-billion during the six months to June 2011. Rolled products decreased 7% from R3-billion to R2.8-billion, while extrusions increased slightly to R347-million, from 346-million in the prior year.
Hulamin experienced a 9% drop in rolled products sales during the six months to June 2012, reaching sales of 189 000 t annualised, compared with the 208 000 t annualised sold in the corresponding period last year.
Extruded product sales remained stable during the first half.
Jacob said that Hulamin’s order book remained healthy for the remainder of the year, despite weakening global demand in general. Demand for rolled products in the domestic market was subdued and imports of competing products continued to negatively impact on prices.
Hulamin recorded lower basic earnings a share of 18c, compared with 22c in the corresponding period the year before. Basic earnings a share remained at 23c.
Net profit reached R73-million, in line with the profit recorded in 2011.
The group decided not to declare an interim dividend for the six months ended June.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Other Metals News
Recent Research Reports
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
This Week's Magazine
South Africa remains an important manufacturing and export platform for Ford Motor Company, says executive chairperson Bill Ford. However, he adds that other countries on the continent are “becoming interesting”, and that the US carmaker is casting its net wider for...
Germany’s Max-Planck-Society (MPG) and the Max-Planck-Institute for Radio Astronomy (MPlfR) are investing €11-million (about R150-million) into South Africa’s MeerKAT radio telescope array programme. The money will be used to design, build and install S-band radio...
Infrastructure spend in sub-Saharan Africa will grow from $70-billion in 2013 to $180-billion by 2025, says PwC capital projects and infrastructure Africa leader Jonathan Cawood. This is one of the findings of PwC’s Capital Projects & Infrastructure report on East...
Private-owned defence and aerospace manufacturer Paramount Group and the Ichikowitz Family Foundation unveiled its Anti-Poaching Skills and K9 Training Academy in Magaliesburg last month.
The inclusion of Bluetooth to provide sub-three meter accuracy and heightened functionality for users is one of the ways to change existing wireless networks into engagement networks. An engagement network differs from common wireless networks in that it enables the...