HULAMIN LIMITED – Unaudited Results for the half-year ended 30 June 2018
– Headline earnings per share down 77% to 13 cents per share
– Rand 7% stronger versus US dollar at R12.30 (2017: R13.22)
– Underlying earnings(1) in constant currency(2) up 23%
– Free cash flow(3) generated of R75 million, further strengthening the balance sheet
– Steady rolled product sales of 214 000 tons annualised after record in Q2 2018
– Further cost savings realised
Richard Jacob, Hulamin’s Chief Executive Officer, commented:
‘Hulamin remained on course during a challenging period, experiencing difficult trading conditions locally and internationally. Market conditions, including both currency and the LME aluminium price proved particularly volatile during this period under review. Total Hulamin sales volumes were down 4%, driven by lower extrusions volumes and a soft quarter one in Hulamin Rolled Products. Uncertainty around vacillating US trade actions affected our products directly.
As a result of the duties now in place, imports into the USA have been significantly curtailed, particularly from China.
This has resulted in a supply shortage and has allowed us to raise prices in the USA. We can also report ongoing cost savings in Hulamin Rolled Products and a very strong safety performance during the period.’
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