- Operating profit up 86% in soft market conditions
- Revenue increase 25% to R4.9 billion
- Group sales tons up 19% (Rolled Products up 21%)
- Improved risk mitigation resulting in consistent manufacturing output
Richard Jacob, CEO, commented:
"Improved manufacturing performance in Hulamin Rolled Products underpins this pleasing set of results. This, together with a weaker Rand on average against the US Dollar during the six months under review, mitigated the effects of continued weak global and local market conditions, local inflation and softer rolling margins. Efforts to address cost reduction opportunities and operational efficiency improvements achieved further gains in unit costs, product yields, overall sales volumes and product mix. For the balance of 2016 we expect can body stock volumes to increase in both local and export markets allowing us to source more scrap metal units locally. Efforts continue towards further improving our cost and rolling margin performance, albeit in market conditions that we forecast to remain challenging."