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Hulamin headline earnings to fall in the 1st half of the year
Edited by : AL CIRCLE
1 min read
JSE-listed aluminium products producer Hulamin on Tuesday reported that its headline earnings were expected to be between R54-million and R59-million for the six months ended June 30, compared with R71-million in the corresponding period of 2011.
“Operational performance and production volumes were down in the second quarter, as a result of the failure of a motor on the Camps Drift hot line in April,” the company said in a statement.
It added that the motor had now been repaired and the line had been operating normally since mid-June. “The resulting insurance claim has not yet been concluded and is not expected to impact the results to June 2012,” Hulamin stated.
Meanwhile, it reported that the process of converting the Hulamin pension fund to defined contribution has resulted in an allocation to the company, which has increased earnings by R67-million in the first half of the year.
Earnings are expected to be between R70-million and R75-million, in line with the R73-million achieved in the corresponding period in 2011.
Hulamin’s full results for the six months to June 2012 are expected to be released on July 30.
“Operational performance and production volumes were down in the second quarter, as a result of the failure of a motor on the Camps Drift hot line in April,” the company said in a statement.
It added that the motor had now been repaired and the line had been operating normally since mid-June. “The resulting insurance claim has not yet been concluded and is not expected to impact the results to June 2012,” Hulamin stated.
Meanwhile, it reported that the process of converting the Hulamin pension fund to defined contribution has resulted in an allocation to the company, which has increased earnings by R67-million in the first half of the year.
Earnings are expected to be between R70-million and R75-million, in line with the R73-million achieved in the corresponding period in 2011.
Hulamin’s full results for the six months to June 2012 are expected to be released on July 30.
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