Aluminium manufacturer Hulamin on Thursday revised its expected earnings for the 2015 financial year downward, saying it now expected more than 50% decreases across the board on the back of the metal price lag loss widening from R53-million in June to R161-million for the full year to December 31.
Hulamin expected its headline earnings a share to plunge some 66% to 68% to between 36c and 38c apiece for the year under review, compared with 112c in the prior year.
Earnings per share (EPS) for the 12 months to December 31, were likely to fall 56% to 58% to between 50c and 53c, compared with the 120c a share reported in the prior year.
Normalised EPS for the period under review were expected to be 52% to 55% lower than the 111c reported the year before.
“Manufacturing performance improved significantly in the second half of the year, notwithstanding further interruptions in the supply of liquefied petroleum gas.
“However, the London Metal Exchange-quoted aluminium price declined further in line with the global fall in commodity prices,” the company explained.
Hulamin expected to release its results for the year on February 22.