H1 performance points to improved FY performance for Hulamin
Improved operating performance during the first half of the year – and subsequent improvements in the third quarter – have left JSE-listed Hulamin with expectations of a 20%-plus increase in earnings for the full year.
In a trading update to shareholders on Friday, Hulamin highlighted predictions of basic earnings per share (EPS) for the year ended December 31, being some 10c higher than the 51c achieved in the 12 months to December 31, 2015.
Headline earnings per share (HEPS) for the current year are expected to be 7c higher than the 37c reported for the year ended December 31, 2015.
Hulamin, which will release its 2016 financial year-end results in February 2017, reported increases of 100% and 92% in EPS and HEPS respectively to 48c a piece for the six months to June 30.
The improvement over the corresponding period last year was attributed to enhanced manufacturing performance and a weaker currency, while an improved third quarter mitigated the dampening effect of the strengthening rand on Hulamin’s dollar-based conversion margins.
“Production performance and sales have improved further in the third quarter of 2016 on the levels attained in the first half of the year, and selling prices and manufacturing costs, on a per unit basis, are in line with those achieved in the first six months,” Hulamin said in its statement.
However, Hulamin warned that the volatility of the rand/dollar exchange rate, may impact its expected results for the year to December 31, and a further trading update would be released in due course.
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