Aluminium semi-fabricator Hulamin expects its headline earnings per share to fall by between 21% and 13%, when it announces its interim results on or about August 19.
A trading update and trading statement for the six months ended June 30, 2024 said: “Shareholders are advised that, as per our last update to the market on March 4, 2024 the challenges in relation to softer global markets, primarily impacting our export market segments continued into the first quarter of 2024.
“Demand from export customers started to recover during the latter part of the six months ended June, 2024 and by the close of the interim period, demand from export customers had recovered to historic-levels,” Hulamin said yesterday.
It added that in contrast, the local market had remained resilient.
Overall group performance for the interim period was expected to be lower than six months ended June, 2023 but improved in relation to the second half of 2023.
It said on June, 24 Hulamin experienced a fire. This had caused damage on Coil Coating Line 2, which produced export can end, and tab stock. The plant repairs were expected to be completed by September 15.
“Shareholders are advised that Hulamin is comprehensively insured for both asset replacement and business interruption,” it said.
Hulamin expected its earnings per share to decrease by between 17% and 8% to between 79 cents and 87c; Heps would fall by between 21% and 13% in a range of between 75c and 83c; and normalised Heps would slide by between 41% and 36% to between 41c and 45c.
BUSINESS REPORT