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Hulamin benefits from weaker rand

A weaker rand and improved production helped local manufacturer Hulamin double its interim aftertax profit and grow sales by 25%, it reported on Monday morning.
Aftertax profit rose to R152m during the six months to end June from the matching period’s R76m. Revenue increased to R4.9bn from R3.9bn.

The group, which makes products out of aluminium, said it gained R5m in profit from a marginal increase in the metal’s price from its 2015 lows.

Measured in volumes sold, Hulamin reported a 19% increase to 110,649 tonnes from the matching period in 2015.

Hulamin expected the momentum gained from improved manufacturing performance in the first half of 2016 to continue in the second half, although weak market conditions were expected to persist both locally and internationally, CEO Richard Jacob said in the results statement.

"There are early signs that the sales mix and operating margins may be better in the second half. The risk of energy disruption is expected to be lower due to further conversion from liquefied petroleum gas to compressed natural gas that is planned to accelerate in the second half. Order books for rolled products are full for the third quarter and we expect to fully sell all remaining capacity in the final quarter," Jacob said.

Source: BDpro


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