Commentary: Results

Headline earnings for the six months to 31 December 2012 decreased by 46,5%, to R1 106 million, compared to the same period in the previous financial year. This is due mainly to decreased earnings of Assmang Limited (“Assmang”) for the period, together with reduced commissions earned on lower turnover within the Group.

Assore holds a 50% interest in Assmang, which is proportionately consolidated in accordance with International Financial Reporting Standards (“IFRS”). Assmang’s headline earnings declined by 46,3% to R2 122 million compared to the same period in the previous financial year.read more »