JSE-listed Insimbi Refractory and Alloy Supplies on Friday announced that it expected its earnings and headline earnings a share from continuing operations for the six months ended August 31 to be between 22% and 27% lower than that of the prior corresponding period.
The company stated that the decline in earnings could be attributed to the four-week strike by the National Union of Metalworkers of South Africa in July, which had a significant impact on Insimbi’s foundry and aluminium businesses.
“Unfortunately owing to intimidation during the strike, the other sectors of Insimbi’s business which did not fall under Numsa, [such as] cement, paper and pulp, and textiles were also affected as this made logistics impossible,” Insimbi explained, adding that it was important to note that all operations performed well during the rest of the reporting period.
Insimbi would release its interim results by November 30.