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Hulamin makes R130m on R4.6bn revenue
Aluminium manufacturer Hulamin has delivered a 42% increase in normalised earnings to R130m in the six months to June‚ boosted by the weaker rand.
Hulamin's David Austin says the exchange rates are hurting Hulamin's profits and cheaper imports are reducing market share. Image: Hulamin
Revenue for its rolled and extruded aluminium products was up 14% to R4.06bn compared with last year. No interim divided was declared.
"Our manufacturing performance showed some improvement‚ with recoveries increasing off a low base. Sales of rolled products are up by 9% from the second half of last year‚ which‚ together with a slight improvement in conversion margins‚ underpinned our earnings growth‚ supported by the weaker rand‚" acting Chief Executive David Austin said.
The average rand-dollar exchange rate was 16% weaker than in the first six months of last year.
Hulamin said work to improve operational performance at its rolled products unit was expected to increase volumes and profitability in the second half of the year.
"However‚ imports remain a threat to local markets. Hulamin's profits will continue to be hurt by the relative weakness or strength of the rand against the dollar and against other currencies.
Source: I-Net Bridge
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