Share

Hulamin diluted earnings up 128%

Johannesburg - Aluminium processor Hulamin Holdings [JSE:HLM] has reported that diluted headline earnings per share rose by 128% to 57 cents in the year ended December 2012‚ despite a drop in turnover to R6.54bn from R6.91bn in 2011.

Attributable earnings rose by 66% to R133m‚ while cash flow before financing activities was positive at R72m.

Rolled production decreased to 194‚000 tons in 2012 from 208‚000 tons in 2011.

In April 2012‚ a fault developed in the Camps Drift Hot Finishing Mill motor and the resulting stoppage caused a loss of approximately 25‚000 tons‚ or 11% of annual sales‚ equating to an estimated operating loss of R154m.

An accrual of R93m (before tax) has been made in respect of the resulting insurance claim.

Headline earnings excluding the employer allocation from the pension fund of R118m‚ amounted to R64m. This was 19% more than the 2011 headline earnings‚ excluding the R26m prior year insurance receipt‚ of R54m.

The board decided not to declare a final dividend.

International market performance remained uncertain throughout 2012 as growth moderated in China and weaker manufacturing in Europe specifically‚ impacted on both international demand and margins.

Domestic demand for both rolled and extruded products remained under pressure as the competitiveness of South African manufacturing continued to be eroded by rising costs and competition from aggressively priced imports.

In 2013‚ Hulamin will commence supply of aluminium can body stock in the local market. Although the volumes will only become meaningful from 2014‚ growth in local beverage can demand indicates an opportunity for local sales growth in excess of 50% by 2016.

Improved operating performance remains a key priority and opportunities to improve cost competitiveness further are being identified.

Market conditions continued to be subdued in 2013‚ placing pressure on margin and mix optimisation. A gradual improvement in demand is anticipated. 



We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.90
+0.2%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.36
+0.3%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders