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Listed ferrochrome producer Merafe Resources expected its basic and headline earnings a share for the six months to June to be between 48 percent and 60 percent lower than in the previous corresponding period, it said yesterday.
This equates to basic and headline earnings a share for this period of between 2c and 2.6c compared with 5c in the prior period.
Merafe said earnings for the six-month reporting period were impacted by the 14 percent increase in ferrochrome sales volumes, the 29 percent weaker average rand versus dollar exchange rate and the 23 percent lower net ferrochrome prices.
It said its attributable ferrochrome production from the Glencore Merafe Chrome Venture for this reporting period increased marginally compared with the prior comparative period, noting that the venture’s operating capacity utilisation during the reporting period increased to 91 percent of installed capacity from 82 percent in the prior period.
The share price dropped 5.26 percent to close at 90c on the JSE.
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