Hulamin: Weak rand helps hike interim earnings

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The weakness in the rand helped Hulamin increase its normalised earnings by 42 percent year on year to R130m in the six months to June, the KwaZulu-Natal-based aluminium supplier said yesterday. Normalised earnings increased 18 percent from the R110m posted in the second half of last year. Hulamin said normalised earnings provided a more meaningful measure of underlying operating performance as they took into account non-operational and abnormal gains and losses. Interim headline earnings a share rose 95 percent from 21c to 41c or, on a fully diluted basis, 90 percent to 40c. Basic and headline earnings in the previous year were depressed by a R25m charge for once-off restructuring costs, which were excluded from normalised earnings. No interim dividend was declared. The shares fell 6c to R8.14 yesterday. – Dineo Faku

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