JOHANNESBURG (Reuters) - South African chemicals and explosives maker AECI posted a 24 percent fall in annual earnings on Tuesday, snapping three straight years of growth as slack demand from strike-hit mining firms weighed.
AECI said headline earnings per share totalled 547 cents in the year to end-December compared with 720 cents a year earlier.
Headline EPS, South Africa's primary profit gauge, exclude certain one-off items.
Revenue rose 11 percent to 14.92 billion rand, largely as a result of the weaker rand/dollar exchange rate and increased selling prices. Overall volumes were flat.
A weaker rand is a positive for South African exporters as it lifts profits when overseas earnings are brought home.
Last year's protracted strikes in the mining, transport and agricultural sectors hit the group's profit from operations by more than 100 million rand.
AECI is expected to struggle this year as its key customers in the mining industry in South Africa shut unprofitable mines and cut capital expenditure to head off the effects of lower metal prices and higher costs.
The company declared a final cash dividend of 185 cents per ordinary share, up from 179 cents the previous year.
Source: http://news.yahoo.com/aeci-fy-earnings-down-strike-hit-mining-sector-055428070--finance.html
magic mike trailer Alan Turing brave Stephanie Rice Meet the Pyro Karen Klein Colorado fires
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.