INSIMBI Refractory and Alloy Supplies expected earnings a share and headline earnings a share from continuing operations to slump by between 22 percent and 27 percent in the half year to June compared to last year, it said on Friday. Insimbi, which supplies ferrous and non-ferrous alloys to various industries, attributed the dent in its earnings to the month-long metal sector strike in July, which crippled the foundry and aluminium sectors of its business. Citing intimidation, it said “the other sectors of Insimbi’s business which did not fall under National Union of Metalworkers of SA… were also affected as this made logistics impossible”. Insimbi is expected to release its interim results by November 30. After falling 12.7 percent on Wednesday, its shares were untraded at 55c on Thursday and Friday. – Dineo Faku
Insimbi Refractory and Alloy Supplies: Strike expected to hammer profit
Published Sep 15, 2014
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