To view the PDF file, sign up for a MySharenet subscription.

ASSORE LIMITED - CANCELLATION OF S381098 Trading Statement

Release Date: 03/02/2017 14:16
Code(s): ASR     PDF:  
Wrap Text
CANCELLATION OF S381098 Trading Statement

Assore Limited
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932
("Assore", “the Group” or “the Company”)

TRADING STATEMENT

Shareholders of Assore (“Shareholders”) are advised that the
market conditions for all of its products have improved over the
six months ended 31 December 2016 (“the current period”) and traded
at average US dollar (“USD”) prices that were higher than those
which prevailed over the six months ended 31 December 2015 (“the
previous period”). Average index prices for iron ore (62% iron
content, fines grade, delivered in China) for the current period
were approximately USD 65 per metric ton, compared to USD 51 per
metric ton for the previous period, an improvement of 27%, while
those for manganese ore more than doubled, with prices for high-
grade ore (44% manganese content) increasing to an average of
USD 6.00 per manganese unit, from USD 2.65 during the previous
period, delivered in China. The market for chrome ore rebounded
strongly, with delivered prices per metric ton for 44% chrome ore
material increasing from USD 165 at the beginning of the period
and closing above USD 400. In addition, sales volumes for iron
and chrome ores for the current period were higher than those of
the previous period by 11% and 25% respectively.

Based on these trading conditions, headline earnings for the first
half of the financial year to 31 December 2016 are anticipated to
increase to between R1 925 million (increase of 260,8%) and
R2 230 million (increase of 302,0%) compared to R738 million
recorded in the first half of the previous financial year.
Attributable earnings are anticipated to increase to between
R2 005 million (increase of 326,9%) and R2 325 million (increase
of 378,9%) compared to R614 million recorded in the first half of
the previous financial year.        The increased earnings are
anticipated to increase headline earnings per share for the six
months ended 31 December 2016 to between R18,66 (increase of
261,0%) and R21,61 (increase of 302,2%) per share from R7,15 per
share for the six months ended 31 December 2015 and attributable
earnings per share to between R19,43 (increase of 327,2%) and
R22,53 (increase of 379,3%) per share from R5,94 per share for the
six months ended 31 December 2015. Earnings per share calculations
are based on a weighted average number of 103,18 million (six
months ended 31 December 2015: 103,21 million) shares in issue.

The above information has not been reviewed or reported on by
Assore's auditors and the results for the six months ended 31
December 2016 are expected to be published on or about Thursday,
23 February 2017.

Illovo Boulevard
Johannesburg
3 February 2017

Contact details:
Ross Davies
Switchboard: 011 770 6800
Direct line: 011 770 6815
E-mail: rossdavies@assore.com

Financial Communications Advisor
Singular Systems IR, Jacques de Bie, 082 691 5384

Sponsor
The Standard Bank of South Africa Limited

Date: 03/02/2017 02:16:59 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story