Commentary: Results

Headline earnings for the financial year to 30 June 2015 declined by 53,3% to R2,0 billion, compared to R4,2 billion in the previous financial year, while profit for the year, which is stated after impairment charges of R886 million, decreased by 68,0% to R1,3 billion, compared to R4,0 billion. These declines are due mainly to the lower level of headline earnings of Assmang Proprietary Limited (Assmang) for the year, which were lower by 56,8%, at R3,3 billion compared to the previous financial year and impairment charges in Assmang amounting to R812 million.