Insimbi Refractory: Weaker rand to double earnings

A weaker exchange rate, which increased selling prices for Insimbi Refractory and Alloy Supplies, and overall good trading conditions, which boosted exports to Africa, are expected to translate to better earnings for the company. Insimbi, a trading and warehousing company that specialises in steel, ferrous, non-ferrous and refractories products, said yesterday it expected its earnings a share and from continuing operations for the year to February to be between 7.5c and 9c a share. This was more than double the 3.13c the company reported in February last year. Headline earnings a share from continuing operations would increase as much. It attributed the improved performance to a restructuring and controlled expenses. The shares rose 9.09 percent to close at 60c yesterday. – Londiwe Buthelezi