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voda 12 februari 2019 17:00

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Private sector breaks ground on 1 million tonne steel plant in Iran

MNA reported that construction operation of a one-million-ton steel plant in Hashtrud, East Azerbaijan province, officially commenced on Sunday in a ground-breaking ceremony attended by the province’s governor general. According to East Azarbaijan Province Governor General Mohammadreza Pour-Mohammadi, the plant, which marks the private sector’s biggest project in the steel industry, is scheduled to become operational within two years.

The production unit will be established in a 10,000-hectare area at an estimated cost of 1.1 trillion rials (USD 26 million). Upon completion, the steel company will create more than 350 direct and 350 indirect jobs in the northwestern province.

Iran aims to become the world’s sixth largest steelmaker as per the 20-Year Vision Plan (2005-25), which envisions an annual crude steel production capacity of 55 million tons per year by the deadline.

Source : Mehr News

voda 12 februari 2019 17:00

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Major Iranian steelmakers export over 4.7 million tonnes in 10 months

Mehr News reported that Iran’s major steelmakers exported more than 4.715 million tonnes in the 10 months of the current Iranian calendar (March 21 – Jan. 21), so that Khuzestan province accounts for about 39 percent of country’s total steel production share. According to the statistical tables of large steelmaking companies [including Khuzestan Steel Co and Esfahan’s Mobarakeh Steel Company country’s total exports volume experienced a significant 19 percent decline in 10 months of current year (March 21 to Jan. 21) as compared to the same period of last year.

Total steel exports volume of the mentioned company in the current Iranian month of Dey (Dec. 21 to Jan. 21) hit 349,597 tons, showing a considerable 49 percent slump as compared to the last year’s corresponding period.

Moreover, rebar exports registered a considerable growth in Esfahan’s Mobarakeh Steel Company so that 3,849 tonnes of rebar was exported from the country in the Iranian month of Dey (Dec. 21 to Jan. 21), recording a significant 149 percent growth as compared to the same period of last year.

In this regard, Khuzestan Steel Company exported 1,840,000 tons of steel in 10-month period (March 21 – Jan. 21), 175,971 tons of which was produced in the company from Dec. 21, 2018 to Jan. 21, 2019.

Source : Mehr News

voda 12 februari 2019 17:01

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GMS Market Commentary on Shipbreaking in Pakistan in Week06 - STILL STUCK!

Pakistan remains marooned at the foot of the sub-continent pricing table for another week, amidst another bleak week of sales and (in)activity. Port reports have essentially been empty, following a disastrous decline in the Pakistani Rupee, a halt to high rise building projects (since resumed), and several mini-budgets instigated by the new government in Pakistan at the end of last year, one of which did result in negatively impacting the domestic steel / ship recycling sectors.

However, with international steel prices starting to rise once again, there is some hope that local levels may also follow suit, bringing Gadani back in the game after a long period on the sidelines.

Source : Strategic Research Institute

voda 12 februari 2019 17:02

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PSM’s losses and liabilities surge to PKR 480 billion

Nation com reported that as the government has yet to come with a plan to revive Pakistan Steel Mills, the overall losses and liabilities of the country’s largest industrial unit surged to PKR 480 billion by the end of January 2019. The PSM is dysfunctional since June 2015 due to many reasons. The total losses and liabilities of the PSM have gone beyond PKR 480 billion by January 2019. Meanwhile, the Mill may remain closed for another two months, as the government is working on a plan to revive it. “The experts group constituted by the ministry of industries and production last month had sought additional three months to prepare a plan for revival of Pakistan Steel Mills,” said an official. He further said that plan of revival of PSM may come in April this year.

Earlier, the ECC on November 7, 2018 had directed the Ministry of Industries and Production to put up a plan for operationalisation of PSM within 60 days, which prompted the Advisor to the Prime Minister on Commerce, Industries & Production, Textile and Investment to constitute Expert Group to propose various options for revival of the PSM. However, the Expert group had failed in bringing a plan in two months. The Expert Group last month had informed the ECC that it was working on formulating various options and in view of the enormity of task and other commitments it could not complete the task within two months period. The ECC decided to give further three months for presenting the revival plan for the PSM.

The previous Pakistan Muslim League-Nawaz government had failed to revive the PSM despite injection billions of rupees under bailout package. However, the Mill was closed down in July 2015. The incumbent government had recently decided to delist the PSM from the privatisation list along with Pakistan International Airlines and other public sector entities.

The PTI government had also decided to set up Sarmaya-e-Pakistan company for the management of state-owned enterprises. The government had decided to transfer the management control of public sector entities to newly incorporated holding company to be named “Sarmaya-e-Pakistan Holding Limited (SPHL)”. As such the existing PSEs shall become subsidiaries of SPHL. The SPHL shall be incorporated as a company by Finance Division with 100% shareholding with the government of Pakistan. The shares of the federal government in the existing PSEs shall be transferred to SPHL and appropriate changes in their respective Articles/Memorandum of Association shall be made. Suitable legislative measures shall be taken to enable the federal government to appoint the board of directors of the PSEs on the recommendations of SPHL.

The ministry of finance stated in Fiscal Policy Statement 2018-19, which has been submitted in National Assembly that “During current year 2018-19, Pakistan Steel Mill has been delisted from privatization. After approval from cabinet, a business revival plan is being prepared at the Ministry of Industries Production. Salary and wages for PSM’s employees have also been revived during 2018-19.”

Source : Nation

voda 12 februari 2019 17:05

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GMS Market Commentary on Shipbreaking in India in Week06 - SIGNS OF LIFE!

India is starting to show some signs of life this week, with local port reports finally starting to show some positive trajectory, followed by some renewed interest in market vessels (although still entirely uncompetitive with Bangladesh), and several decent LDT units having been recently sold for class NK only HK SoC green recycling.

Moreover, there is an overall sense amongst local Recyclers that at least until the onset of Monsoons, the local market will stabilize and possibly even register improvements. While the first quarter of the year has historically been one of fair weather for the Indian ship recycling sector, time will tell whether this recent optimism will hold true.

Notwithstanding, as has been the case of late, as long as end users continue to secure their share of offshore units and green vessels below the USD 400/LDT, they see no point in trying to compete on the plethora of expensive market ships that have been heading to Bangladesh.

On the local fundamentals front, in light of the recent events in Brazil and Vale now announcing cuts in iron ore production, a ripple effect may have seen Indian local steel plate prices firming through much of the week. The Indian Rupee too has firmed and ended the week near the Rs. 71 mark against the U.S. Dollar.

As such, the firming fundamentals are certainly a welcome sign for an Indian market that has suffered through some of the most incessant volatility this market has witnessed.

Source : Strategic Research Institute

voda 12 februari 2019 17:05

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GMS Market Commentary on Shipbreaking in Bangladesh in Week06 - HOLDING UP!

Some high-priced buying has continued in Bangladesh this week, but for how much longer can this sustain, with local port reports clearly packed and Buyers, who are capable of opening L/Cs and promptly beaching vessels, are rapidly running out?

Whilst there are certainly some signs pointing to the present, with fewer market vessels being pushed / concluded locally, there was at least 1 sale confirmed this week at an eye popping number.

ZIM VIRGINIA (about 19,500 LDT) was concluded at an impressive USD 466/LDT basis an “as is” Singapore delivery and sufficient bunkers up to Bangladesh included in the sale.

The figure certainly seems speculative by the concerned Buyer. However, given that the number of viable tankers (VLCCs, suezmax and aframax) has drastically declined of late and Capes and Panamax sized containers start to take center stage as the tonnage of choice, it will be interesting to eventually see the resale outcomes of some of these high priced deals.

In other news, the Bangladeshi government has just decreed that the name of Chittagong be officially changed to Chattogram. As such, local port positions will reflect the same moving forward.

Source : Strategic Research Institute

voda 12 februari 2019 17:07

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Russian state unit comes up with PSM revival package

The Express Tribune reported that Russian state enterprise has offered Pakistan a comprehensive package for reviving the troubled Pakistan Steel Mills which includes a loan for balancing and modernisation of the large industrial complex. The Russian firm has claimed that it will turn the steel mill financially viable, enabling it to pay salaries to its employees in a year’s time while implementing a revival plan submitted to the Ministry of Industries and Production.

In the revival plan sent to the Ministry of Industries, which shared it with an expert group working on the revival of PSM, Russian state enterprise Tyazhpromexport said it had already offered a loan for a balancing and modernisation programme along with expertise for running the mill.

However, the offer had been ignored and later the company submitted a concept paper for reviving the mill.

The Russian giant has proposed the establishment of Pakistan Steel Mills Holding (Private) Limited and five subsidiaries including PSM COBP (Private) Limited, PSM Power Plant (Private) Limited, PSM Rolling Mills (Private) Limited, PSM Steel Making (Private) Limited and PSM Iron Making (Private) Limited.

Repair and modernisation work will be undertaken complex-wise. Citing an example, the Russian company said COBP was currently up to date and as such was fully functional. Once it became an independent company, it would carry out operations on its own by selling services, products and byproducts from the plant, it said.

Likewise, the proposed power plant has generation capacity of 165 megawatts, but it needs to be upgraded and modernised, which requires investment. The electricity generated by the plant will be sold to other complexes of the steel mill and K-Electric.

Governments of Pakistan Peoples Party and Pakistan Muslim League-Nawaz which had separately been in power from 2008 to 2018, failed to efficiently run PSM as its financial condition deteriorated persistently over the years. Now, the mill has shut down with losses exceeding Rs200 billion.
PSM, which owes PKR 19 billion to Sui Southern Gas Company (SSGC) for gas supply, had been operating at average 33% of its capacity during the PML-N’s tenure in 2015 when the public gas utility suddenly cut off supply. Since then, the mill has not been running and its losses have continued to mount.

Source : The Express Tribune

voda 12 februari 2019 17:08

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TUAS student project is constructing e-rallycross car - steel company SSAB to join collaboration

Global steel company SSAB has established an agreement on collaboration with Turku University of Applied Sciences (TUAS) in a student project in which an e-rallycross car is built. The e-rallycross car project serves as a research, experiment and learning environment where students from different fields learn in collaboration with companies.

The student project by Turku University of Applied Sciences to build an electric rallycross car will expand and reach new levels as SSAB, a global company specialized in high-strength steels, enters the collaboration.

SSAB contributes to the project by offering their competence in advanced high-strength steel (AHSS) components and lightweight automotive steels. In the e-rallycross car under construction, SSAB’s advanced high-strength steel Docol (a strong brand in automotive segment) is used for sub-frames, suspension arms, reaction bars and body reinforcement.

Lightweight ultra-high-strength steel parts help vehicle designers and manufacturers reduce carbon dioxide emissions, lower costs and ensure safety. Collaboration with SSAB also involves cooperation in communications and publications.

SSAB’s strategy is strongly connected to sustainable solutions and innovative applications with AHSS steels and we are supporting the project with material deliveries, technical knowhow and information, says Esko Hakamäki, Product Manager at SSAB Europe Oy.

This e-Rallycross project is very good way to introduce our expertise in AHSS steels to students, and also get more visibility for SSAB and our strategy in general.

Building an electric rallycross car is a challenge, with plenty of work in product development, optimization of the energy efficiency, modelling, simulation, battery technology and marketing. The project offers an opportunity for applying a wide range of educational fields and competence areas of TUAS.

Source : Strategic Research Institute

Bijlage:

voda 19 februari 2019 15:44

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Ik was uit de rinning door pijn in mijn arm/schouder. Dankzij de pijnstillers kan ik weer wat bewegen.

ArcelorMittal rondt aandeleninkoopprogramma af

(ABM FN-Dow Jones) ArcelorMittal heeft op vrijdag 15 februari zijn inkoopprogramma van eigen aandelen afgerond. Dit meldde de staalgigant dinsdag.

Het concern kocht in totaal 4 miljoen eigen aandelen in voor circa 79,6 miljoen euro, tegen een gemiddelde prijs per aandeel van 19,89 euro.

Het aandeel ArcelorMittal noteerde dinsdag op een rood Damrak 0,7 procent lager op 19,90 euro.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 19 februari 2019 16:21

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Mijnbouwgigant pleit voor toezicht op dammen

Gepubliceerd op 19 feb 2019 om 08:12 | Views: 1.863

ArcelorMittal 16:03
19,87 -0,17 (-0,82%)

SYDNEY (AFN/BLOOMBERG) - De Australische mijnbouwgigant BHP Billiton pleit voor een onafhankelijk en internationaal orgaan dat toeziet op de veiligheid van dammen. Topman Andrew Mackenzie wil onder meer samenwerken met branchegenoten om beter om te gaan met mijnafval.

's Werelds grootste mijnbouwer is nog steeds bezig met de verscherping van zijn interne controles na een grote ramp bij een van zijn mijnen in Brazilië. In 2015 brak de Samarco-dam waardoor negentien mensen omkwamen en ernstige milieuschade werd aangericht.

BHP Billiton is niet de enige mijnbouwer die kampt met damrampen. In januari bezweek een dam bij een ijzerertsmijn van de Braziliaanse mijnbouwer Vale. Een enorme stroom modder en afval bedolf delen van het terrein en naburige wooncomplexen in de staat Minas Gerais, met honderden slachtoffers tot gevolg. Ook het in Amsterdam genoteerde ArcelorMittal evacueerde onlangs omwonenden nabij een dam in Brazilië.

BHP zette in de zes maanden tot en met december een winst in de boeken van 3,8 miljard dollar. Dat was een jaar eerder nog zo'n 2 miljard dollar. Die winst viel toen lager uit door kosten die moesten worden gemaakt in de nasleep van de Samarco-ramp. De omzet van het mijnbouwbedrijf bleef ongeveer gelijk op zo'n 22 miljard dollar.

voda 19 februari 2019 19:22

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ArcelorMittal bids for Essar Power’s Mahan power plant - PFC

Reuters reported that ArcelorMittal has bid INR 48 billion to acquire Essar’s 1200 MW Mahan power plant. Government owned Power Finance Corp Ltd is the lead creditor of the power plant and PFC’s Chairman Rajeev Sharma disclosed ArcelorMittal’s bid on Monday. He said “Essar family had also made INR 35 billion bid for the power plant. Now we have received an offer from ArcelorMittal at INR 4 crore per megawatt, so INR 4,800 crore.”

Mr Sharma said PFC has yet to decide on either offer for the asset, known as the Mahan power plant, which has debt worth INR 74 billion

ArcelorMittal has already been picked as the preferred bidder for Essar Group’s flagship 10 million ton steel plant in the western Indian state of Gujarat and is also the sole bidder for Essar’s infrastructure arm EPC Constructions, formerly called Essar Projects.

Essar Power, a subsidiary of the Essar Group, spent INR 80 billion to build the plant, which began operation early last year and currently accounts for 50 percent of Essar Group’s power generation.

Source : Reuters

voda 19 februari 2019 19:24

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JSPL bags additional order of 30KT from Indian Railways for rails

Soon after bagging its first ever order from Indian Railways for supply of close to 100,000 tonnes in 2018, JSPL has been awarded an additional order for supply of 30,000 tonnes under the same global tender. The additional order enhances the order size by over 30%, with the overall order size now estimated at around INR 650 crore. JSPL's Joint MD Mr Naushad Ansari said "We are happy to know that the Indian Railways has been appreciative of our Rails, and have placed an additional order. JSPL endeavors to emerge as the most preferred supplier of Rails to Indian Railways for building and modernizing domestic rail network."

So far JSPL has supplied close to 62,400 tonnes of Rails out of the earlier order, and is in track to complete the 100,000 tonne order ahead of time.

Deployment of Rails manufactured by JSPL has already commenced for laying tracks under the modernization and expansion plans of Indian Railways

Source : Strategic Research Institute

voda 19 februari 2019 19:24

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Global steel industry urged to safeguard future in face of climate change - GIC

More than 250 institutional investors representing over USD 30 trillion in assets urge steel sector to set out decarbonisation strategies to guard against climate-related risks. The investor group argues steel companies must significantly scale up investment in technologies that will enable them to decarbonise operations in line with the Paris Agreement, warning that failure to keep pace with necessary greenhouse gas reductions could expose them to significant risks. The call comes in a new report issued by the four investor networks that make up the Global Investor Coalition on Climate Change.

The report highlights how global steel production accounts for 7% of the world's total greenhouse gas emissions. As such, it argues growing policy and market responses designed to meet the Paris Agreement goals will expose steel firms to significant risks if they fail to anticipate and keep pace with necessary reductions in emissions.

Stephanie Pfeifer, CEO at the Institutional Investors Group on Climate Change (IIGCC), said that while some steel sector innovations and pilot projects were being carried out worldwide to boost energy efficiency, no steel company has yet set long-term emissions intensity targets through to 2030 and beyond. She said "The steel sector still needs to reduce its greenhouse gas emissions dramatically and this will only happen with significant technological innovation. This can be expected to be a key focus of investor engagement in shaping the robust, responsive and resilient business strategies required in the face of climate change."

The report was produced by the IIGCC with lead authors Aegon Asset Management and Kempen Capital Management. The other three investor networks backing the report include Ceres, the Investor Group on Climate Change, and the Asia Investor Group on Climate Change (AIGCC).

Source : Strategic Research Institute

voda 19 februari 2019 19:25

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Trump Trade War - Canada eliminates steel tariffs on Mexico

SP Global reported that Canadian Ministry of Finance told the CBC that Canada has eliminated its 25% steel tariffs on Mexican imports. The decision, which came into force February 2, eliminated the 25% tariff on tubular products made with steel, such as those used in the construction of steel pipelines, rods or rebar.

Neither the Canadian Ministry of Finance nor Mexico's Secretary of Economy has published any notes regarding the decision.

Mexico was subject to 25% tariffs on steel products to Canada after US President Donald Trump's imposition of tariffs on Mexican steel and aluminum in 2018. Mexico received a temporary exemption from the 25% US tariff on steel when it took effect June 23, but the US announced that exemptions would not be extended. Imports from Canada, the EU and Mexico have been subject to the tariff since October 1.

Source : SP Global

voda 19 februari 2019 19:25

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Tokyo Steel to hold prices steady in March for third month

Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, would keep its steel product prices steady in March because of a softer overseas market and slow winter demand for local construction. For March, prices for steel bars, including rebar, will remain at JPY 69,000 (USD 624) a tonne while H-shaped beams will also stay at JPY 89,000 (USD 805) a tonne. This is the third straight month the company kept prices unchanged for all of its steel products, including its main H-shaped beams.

Tokyo Steel Managing Director Mr Kiyoshi Imamura told reporters that “Overseas steel market, which had been weighed down by worries over political risks since late last year, seems to be gradually turning around after the Chinese Lunar New Year holiday, while construction demand at home is a bit slow due to seasonal reason. Company is closely watching rising costs including steel scrap, partially influenced by the surging iron ore prices after the collapse of a dam at a mine owned by Brazil’s Vale.”

Source : Reuters

voda 19 februari 2019 19:26

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Brazil may retaliate against EU steel duties

Reuters reported that Brazil has asked the European Union for compensation after it imposed import tariffs on steel from major producing countries earlier this month. The government has also notified the World Trade Organization that it may adopt its own countermeasures to rebalance trade following the EU’s actions. Brazil said “The Brazilian government remains open to dialogue with the European Union in order to seek the best way to address these issues. It also reiterates its willingness to continue defending the interests of Brazilian producers and exporters with every effort.”

On February 1, the EU announced limits on steel imports in response to US President Donald Trump’s metals tariffs. The tariffs establish limits and quotas for major exporting countries including China, India, Russia and many others.

Source : Reuters

voda 19 februari 2019 19:26

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Trump Trade War - South Korean steel exports to US drop - KOTRA

Yonhap reported that according to the analysis of statistics from the US Commerce Department by the Washington office of the Korea Trade-Investment Promotion Agency, South Korea's steel exports to the United States last year, regulated by a quota, fell more than those by key rivals China and Japan that were subject to higher tariffs. KOTRA analysis showed “South Korea, whose biggest steel export destination is the US, shipped 2.43 million tons during the months, down 24.8% from 3.23 million tons of the previous year. Monetarily, the total shrank by more than 13%. So far, South Korea is measured to have suffered the biggest losses from Section 232 Steel and Aluminum Tariffs.”

In the case of Japan, the volume of exports fell by 20.8% and the monetary sum by 0.7%. For China, the volume diminished by 13.6% and the monetary sum by 7.3%.

The exports results could call into question South Korea's decision to opt for a quota instead of higher tariffs. Seoul and Washington struck a deal in March 2018 for the US to exempt its 25% tariffs on steel imports from South Korea and in exchange limit the imports to the 70% level of total shipments for years 2015 to 2017. Brazil and Argentina were the only two other countries that accepted the quota.

Source : Yonhap

voda 19 februari 2019 19:27

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Trump Trade War - 370 US companies received 16000 exemptions

NWI Times reported that a study by the Associated Press found 370 companies across the country have been granted more than 16,000 exemptions to the 25% steel tariffs and 10% aluminum tariffs. About 31,000 are still pending. The Associated Press estimates that 3.85 million tons of steel has been exempted since the Section 232 tariffs were imposed last May about what the US steel industry produces in two weeks on average including more than 330,000 tons of Chinese-made steel, or about half as much as Northwest Indiana's steel mills crank out in a week.

In Indiana, 35 companies have secured 916 tariff exemptions with only 356 denials, a success rate of 72.1 percent, according to the government data crunched by the Associated Press. Another 761 requests are pending.

About 75 percent of the companies requesting tariff waivers including heavyweights like Lincoln Electric, Union Pacific Railroad, Milwaukee Electric Tool and Stanley Black & Decker get them, including those trying to import from China or who are subsidiaries of Chinese companies. Many companies said that the steel they need is not manufactured in the United States or is hard to come by, while others seek to reduce costs by importing cheaper metal from abroad.

Source : NWI Times

voda 19 februari 2019 19:27

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Indonesia steel industry needs additional 15,000 workers by 2025

Tempo reported that Indonesia’s Industry Minister Airlangga Hartarto at the ground breaking of the industrial vocational school of PT Gunung Raja Paksi said that "To reach the target of 10 million tonnes, we would need some 15000 more workers. Despite its advanced technology, the industry would still need a massive work force for production.”

On the occasion, the minister witnessed the signing of an agreement on cooperation in human resource development in the steel industry. The agreement was signed by the ministry's secretary general Haris Munandar and President Director of PT Gunung Raja Paksi Aloisius Maseimilan. Under the agreement, the national steel producer would help the government provide competent human resources for the industry.

The government has launched the vocational education program to match the industry demand of work forces in Indonesia, and provide a tax deduction of 200 percent for the domestic industry that could contribute to human resource development under the program.

Mr Airlangga noted that "As of now, 745 industries and 2,074 vocational schools are involved in the program. The program could not run well without the support of the industry.”

Source : ANTARA

voda 19 februari 2019 19:37

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Steel & Tube reports strong consecutive half year uplift

Steel & Tube Holdings Limited has reported a result in line with expectations, with a substantial improvement over the preceding six-month period (2H18) following the capital restructure and as benefits from business transformation initiatives are realised. The company has reaffirmed its FY19 guidance of USD 25 million in earnings before interest and tax. For the six months to 31 December 2018, Steel & Tube reported revenue of USD 258.2 million, EBIT of USD 9.8 million and a net profit after tax (NPAT) of USD 5.6 million.

Excluding S&T Plastics, which the company announced it was exiting in 2H18, and non-trading adjustments. Normalised EBIT of USD 9.7 million was up 116% on 2H18 Normalised EBIT of USD 4.5 million, reflecting the positive turnaround in ongoing business performance. As expected, Normalised EBIT was USD 3.7 million lower compared to 1H18 (USD 13.4 million) as the business continues its recovery from trading issues caused by the new ERP system implementation which went live in October 2017.

The execution of business transformation initiatives is having a positive impact. Sales and volumes have continued the upwards trajectory seen in the last twelve months, on the back of a strong focus on customer needs, improved product availability and delivery performance. The market remains very competitive, keeping pressure on gross margins which have also been dampened by a shift in sales mix in some businesses.

A focus on cost management has seen a pleasing reduction in a number of areas and, excluding S&T Plastics, has led to a 3% decrease in operating expenses as a function of sales compared to 2H18. The cost savings achieved have enabled the business to absorb inflationary and wage and salary cost increases and execute transformation initiatives whilst supporting increasing sales activities, without increasing overall operating expenditure.

The half year period also included further work to leverage value from the investment into the ERP IT platform, the capital restructure, additional organisational restructuring and strengthening of the Leadership Team.

For the six months to 31 December 2018 (1H19)

H1 of 2019 Result Summary

1. H1 of 2019 EBIT in line with previous earnings guidance of ~40% of full year earnings target

2. Significant improvement over the preceding six-month period (2H18) primarily driven by increased sales and reduced operating expenditure

3. Reflects building momentum with benefits from Project Strive business transformation initiatives being realised

4. Profit up 47% on comparative first half year (1H18) to USD 5.6 million and a significant improvement on 2H18 which included non-trading costs and impairments

5. Net debt reduced significantly to USD 16.0 million due to capital raise, improved operating cashflows, tighter working capital management and prudent capital expenditure

6. Solid improvement in operating cashflows to USD 11.l million enabling a return to dividend payments with Board declaring an interim dividend of 3.5 cents per share

7. Company has reaffirmed FY19 EBIT guidance of USD 25 million.

Source : Strategic Research Institute

Vertraagd	23 apr 2024 17:20
Koers	23,410
Verschil	-0,700 (-2,90%)
Hoog	24,100
Laag	23,400
Volume	2.470.875
Volume gemiddeld	2.432.254
Volume gisteren	2.204.739

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