JSE Equity Price
Name: Assore Ltd
JSE Code: ASR
Last Trade: 31066
Name: Assore Ltd
Price In Cents: 31520
Date: 23 Feb 2018 06:30:00 PM
JSE Code: ASR
Assore H1 profit rises 12% - Tanisha Heiberg
ASSORE LTD yesterday said its interim profit rose 12% y/y, underpinned by improved volumes and a favourable dollar price. HEPS for the HY rose to 2 355cps, up from 2 105cps y/y. "Improved volumes across our range of products and better USD prices for all commodities in our basket, except chrome ore, were enough to overcome a 6% strengthening of the rand", CEO CHARLES WALTERS said. Based on the level of earnings for the period, the company declared an interim dividend of 1 000cps, compared with 600cps y/y. This news brief represents a summary of the original article.
Assore posts record headline earnings on higher commodity prices - BDpro
ASSORE has doubled its FY headline earnings, benefiting from higher commodity prices. Headline earnings rose by around 200% from R1.7bn to a record R5.2bn in the FY to end-Jun. Average prices for iron ore rose 37% in the period to $70/t and prices for manganese ore doubled as a result of higher crude steel output. ASSORE chair DES SACCO said higher prices reflected better global economic conditions, but cautioned that the possibility of additional iron ore supply, particularly from Brazil and Australia, was expected to have an impact on prices. ASSORE declared a final dividend of 800cps, taking the total for the year to 1 400cps, which was double from the y/y period. This news brief represents a summary of the original article.
Assmang officially opens Sakura smelter in Malaysia - Anine Kilian
ASSMANG's Sakura ferroalloys smelter in Malaysia was officially opened yesterday. Sakura is a low-cost ferromanganese producer and has successfully commissioned two 81MVA furnaces, within the approved budget of $328m. Both furnaces, currently producing high-carbon ferromanganese, are flexible as they are designed to produce either high-carbon ferromanganese or silicomanganese. Furnace 1 was successfully commissioned in Apr. 2016, followed by Furnace 2 in Sep., with the first shipment of high-carbon ferromanganese having been exported in Jun. 2016. This news brief represents a summary of the original article.
Invicta's Walters to join Assore as CEO - Creamer Media reporter
ASSORE has appointed CHARLES WALTERS as its new CEO with effect from Jul. 1. WALTERS will join the company as CEO designate on Apr. 1. He will succeed CHRIS CORY, who will retire on Jun. 30 after 28 years with the group. INVICTA earlier this week announced that WALTERS would step down as its CEO on Jan. 31 but remain available to the company in a consulting capacity until Nov. 30. This news brief represents a summary of the original article.
Assore earnings down on global iron ore, manganese oversupply - Martin Creamer
ASSORE yesterday reported 11.7% lower FY headline earnings to R1.7bn for the 12 months to end-Jun. The company reported a poor ongoing outlook for iron ore and manganese prices but an uptick in chrome ore prices. The company has embarked on cost-saving programmes owing to what it describes as "the increased costs of operating in South Africa". ASSORE sold record volumes of iron ore and chrome ores for the second consecutive year, taking the level of H2 profitability up to the level of the previous FY. In its outlook statement, the company painted a bleak picture of China's economic slowdown impacting globally across a range of indicators and contributing to the increased volatility in financial markets, sluggish growth in global trade and the lower commodity prices of the last two years. Capex for the year amounted to R3bn, down from R3.8bn y/y. A final dividend of 500cps was declared, up from 300cps y/y, taking the total payout for the year to 700cps, from 600cps y/y. This news brief represents a summary of the original article.
Supply glut, low prices dent Assore's H1 earnings - Megan van Wyngaardt
Oversupply and low prices in the commodities in which it trades have contributed to a 25.4% drop in ASSORE's headline earnings a share to 715cps for the HY to end-Dec., compared with 959cps y/y. This translated into a decrease in headline earnings to R738m, mainly due to the 28.2% y/y drop in subsidiary ASSMANG's headline earnings to R1.2bn. ASSMANG's manganese ore sales had increased 3% to 1.4bn tonnes in the period under review, as a result of the group's efforts to secure sales in new markets and increase output at Dwarsriver, which had resulted in a 14% y/y rise in chrome ore sales to 545mt. Manganese alloy volumes fell 29% from 112mt to 80mt, following the closure of a furnace at ASSMANG's Cato Ridge Works. This news brief represents a summary of the original article.
Assore expects lower interim earnings - Sens
JSE Securities Exchange - SENS
ASSORE LIMITED yesterday said it expects headline earnings for the HY to end-Dec. to decline by 24%-29.4% y/y. Attributable earnings are expected to drop by 32.4%-37.3$ compared to the R935m reported y/y. The decreased earnings are expected to decrease HEPS for the HY to 678cps-728cps, from 959cps y/y, while attributable EPS will be between 568cps and 613cps, down from 906cps y/y. Interim results will be published on Feb. 19. This news brief represents a summary of the original article.
Assore expects lower H1 earnings - Bloomberg
ASSORE yesterday said it expects H1 profit to fall by almost half due to softer commodity prices. HEPS are seen falling to between 531c and 651c per share for the HY to end-Dec., from 959cps y/y. Iron ore prices dropped 38% during the period, ASSORE said. Shares in ASSORE closed down 3.43% at R67.50 on the JSE yesterday. This news brief represents a summary of the original article.
Assore records FY impairment charges as weak commodity markets bite - Colleen Goko
ASSORE today said it had incurred impairment charges of R886m in the FY to end-Jun. as weak commodity markets forced the company to suspend some of its mines and mothball others. "Following a technical and financial review of the underground chrome mines at Rustenburg Minerals, the group has decided to suspend indefinitely further underground development, resulting in an impairment charge of R365m. In addition, ASSMANG has closed its last operational furnace at Machadodorp Works, and a further ferromanganese furnace at Cato Ridge Works has been closed due to the weak alloy market and increased electricity and labour costs necessitating impairment charges amounting to R812m, of which 50% has been included in the group's results", ASSORE said. An additional impairment charge of R114m was recorded against the group's share portfolio due to declines in the prices of the shares in which the company is invested. Diluted HEPS fell to 1 916cps from 4 098cps y/y. Profit for the period came in at R1.3bn, down 68% y/y. A final dividend of 300cps was declared. Looking ahead, the company expected trading conditions to remain challenging. This news brief represents a summary of the original article.
Assore warns of lower FY earnings - Creamer Media Reporter
ASSORE expects its attributable earnings for the year to Jun. 30 to decline to R1.23bn-R1.5bn, from R4.01bn y/y. Headline earnings were expected to decline to R1.7bn-R2.08bn, from R4.23bn in FY2014. EPS for the year would be between 1 189cps and 1 453cps, down from 3 881cps y/y, while HEPS for the period would drop to 1 647cps-2 013cps, compared with 4 098cps y/y. ASSORE attributed the lower earnings to significant declines in the dollar selling prices of its iron and manganese products. ASSORE also expected to record impairment charges, after taxation, of R411m against certain of its jointly controlled and owned smelting and mining operations, and R109m against available-for-sale financial assets. Results would be published on Aug. 27. This news brief represents a summary of the original article.