Assore revises earnings forecast
JOHANNESBURG (miningweekly.com) – JSE-listed Assore on Tuesday said the decline in earnings for the six months to December 31 would likely not be as significant as previously expected.
The mining holding company now expected its earnings for the six months to reflect a decrease of up to 29.4% to between R699-million and R751-million, compared with the R990-million recorded in the six months to December 2014.
In January, the company reported that lower export selling prices across its product portfolio, a declining share portfolio value and a subsequent impairment would push its headline earnings down some 44.6% to between R548-million and R672-million for the six months under review.
At the time, it expected its attributable earnings for the six months to decline by up to 51.3% to between R455-million and R557-million.
Attributable earnings were now expected to fall by 32.4% to 37.3% from the R935-million recorded in the first half of the preceding year to between R586-million and R632-million for the first half of the current financial year.
Headline earnings a share for the six months to December 31 would decline some 24.1% to 29.4% to between R6.78 and R7.28 apiece from the R9.59 a share posted in the half-year to December 2014.
Attributable earnings a share would decline to between R5.68 and R6.13 a share, a 32.4% to 37.3% fall on the R9.06 a share achieved in the first half of the prior year.
Assore expected to publish its results for the six months on or about February 19.
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