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Print[Ferro-alloys.com]BASE metals miner Assore expects a slight fall in full-year earnings as record iron and chrome ore sales in the second half offset a R1bn fall in first-half earnings.
Assore said on Monday that for the year ended June 2013 it expected headline earnings per share (HEPS) to come in at R32.45-R35.35, compared with R35.19 for the year ended June 2012.
Earnings per share are expected to fall to between R31.50 and R34.40, from R38.27 for the year ended June 2012.
The company said headline earnings for the current financial year would fall marginally, to between R3.35bn and R3.65bn from R3.7bn recorded in the previous financial year.
Despite the R1bn fall in headline earnings in the first half, from 2012’s R2.1bn, the group said it had recorded record sales volumes of iron and chrome ores in the second half, which, combined with a weaker rand/dollar exchange rate over the period, resulted in a considerable increase in headline earnings for the second half.
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