Nampak warns that headline earnings per share for the year to September will plunge between 47% and 50%, with much of this coming from abnormal items.On top of a tough trading environment, the group said in a trading update on Wednesday that it was hit by foreign exchange losses in Nigeria and Angola of R670m-R700m, along with asset impairments of R355m-R370m.The latter related mainly to the planned conversion of the Angolan tinplate beverage can line to aluminium.Excluding foreign exchange losses, headline earnings per share fell by between 13% and 18%, it said."The Nampak trading update confirms a tough trading environment, especially in Angola and Nigeria, where forex losses have resulted in close to zero second-half headline earnings for the group," Mark Hodgson, an analyst at Avior Capital Markets, said on Wednesday."With trapped cash of around R2bn in these countries, it remains uncertain the extent to which Nampak’s fortunes will improve in the year ahead."Nampak said that in...
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