Hulamin H1 earnings decline further amid US steel tariffs
JSE-listed aluminium producer, Hulamin, said on Wednesday that it expected its basic earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended June 30 to decline even further from what was initially anticipated.
Hulamin said that EPS and HEPS for the half year would be between 10c and 16c per share, a significant decline of between 82% and 71% respectively than 56c per share in the six months ended 30 June 2017.
In May, Hulamin had said that it expected that its interim EPS and HEPS would be at least 55% lower than the prior comparative period of 56c per share down to 25c per share, but now it is looking at nothing more than 20c per share.
The local manufacturer had said that a stronger rand and "an adverse metal price lag" had hurt its profits in the six months to end-June, and the duty on steel and aluminium imports imposed by the United States government was not helping matters.
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