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Omnia predicts major earnings drop

Johannesburg - Diversified specialist chemical services provider Omnia [JSE:OMN] Holdings said on Monday that there was certainty that its earnings for the current year would be "considerably more than 20% below the extra-ordinary earnings" in the prior year ended March 31, 2009.

However, it said volumes are recovering in the mining division and the second half fertilizer demand is normalising.

The group said guidance was given at the release of the interim results on 30 November 2009 that its earnings for the full year to March 2010 would return to profitability after the first half had been negatively impacted by, in particular, the appreciation of the rand combined with the further decline of some commodity prices.

"This combination necessitated a significant write down of inventory values at the interim stage.

"Omnia remains focused on balancing the Group's risk profile and the company is well positioned in the three critical sectors of the future (agriculture, water, and alternative energy)," it said.

Omnia said it expects to publish its results on approximately June 9 2010.

- I-Net Bridge

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