Hulamin full-year loss to narrow despite first-half challenges, July unrest
Aluminium semi-fabricator and supplier Hulamin reports that, despite a subdued start to the year, its headline loss a share is expected to narrow to 54c, compared with the headline loss a share of 68c reported for the 2020 financial year.
Its loss a share is expected to narrow to 60c, from 75c in 2020, while its normalised loss a share is expected to narrow to 72c, from 91c in 2020.
Hulamin reports that, following the lifting of restrictions in the first quarter, and the need to implement plant upgrades and execute biennial equipment maintenance, the company gave the go-ahead for a 12-day maintenance shutdown of its plant, that was successfully completed in late-March.
The subsequent improvements laid the foundation for further operational performance
enhancements that have continued through to the fourth quarter, Hulamin says in a statement.
Hulamin achieved sales volumes of 102 000 t in the first half of the year, and expects the second-half volumes to exceed those. This is despite the widespread public unrest resulting in a six-day plant closure in July and the subsequent Transnet cyber-attack that disrupted Durban port operations for about seven days in July.
The company reports that both major operating divisions – Hulamin Rolled Products and Hulamin Extrusions – have performed well this year, with Hulamin Rolled Products benefitting from firm demand in most markets, stable and improving plant performance, a rising London Metal Exchange aluminium price and a weaker currency in the second half of the year.
Earnings in both divisions are expected to be supported by metal price lag profits.
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