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[Ferro-Alloys.com]Black-managed Merafe Resources is bracing for an up to 48% slump in basic earnings per share (BEPS) for the six months ended June 30, informing the market on Monday that the decrease in net ferrochrome prices and an increase in expenses was expected to narrow BEPS from 9c apiece in the first half of the prior year to between 4.7c and 5.3c in the six months under review.
Similarly, headline earnings a share were expected to drop by between 40% and 47% to between 4.7c and 5.3c in the first half of this year.
Merafe on Monday said an increase in ferrochrome and chrome ore sales volumes and a weakening of the rand against the dollar were unable to fully offset the impact of lower realised prices and increased expenses.
Attributable ferrochrome production from the Glencore–Merafe Chrome Venture increased by 16% year-on-year to 195 000 t after the Project Lion II furnace ramped up to full capacity in the second quarter of the year.
The venture’s operating capacity utilisation for the six-month period was 92%. Looking to its balance sheet, Merafe closed the half-year with a net overdraft balance of R70-million and total debt of R609-million. The group expected to release its financial results for the period on August 4.
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- [Editor:sunzhichao]
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