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Assore expects lower FY headline earnings

19th August 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Assore said on Monday that it would report a marginal decrease in headline earnings for the 2013 financial year next week.

Headline earnings were seen in the range of R3.35-billion to R3.65-billion, from R3.7-billion in the previous financial year.

The group, whose primary investment is a 50% shareholding in Assmang with African Rainbow Minerals, said it had seen a considerable increase in its second-half headline earnings, helped by record sales volumes of iron and chrome ores, which had offset the weaker first-half headline earnings of R1.1-billion.

Headline earnings per share for the year ended June 30 were expected to amount to between R32.45 and R35.35 from R35.19 a year earlier. Earnings per share were anticipated to decrease to between R31.50 and R34.40 from R38.27 for 2012.

Assore, which plans to publish its financial results on August 29, fetched R375.54 a share on the JSE on Monday morning. The stock closed at R378.38 a share on Friday afternoon.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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