Hulamin shares fall after profit warning
Aluminium products maker says a stronger rand and ‘an adverse metal price lag’ hurt profits in the six months to end-June
Hulamin’s share price fell nearly 10% to R4.33 on Friday morning after the aluminium products maker warned shareholders its interim earnings more than halved.The local manufacturer said a stronger rand and what it terms "an adverse metal price lag" hurt its profits in the six months to end-June.Hulamin said it expected to report on July 30 that both its basic and headline earnings per share (HEPS) declined by at least 55% from the matching period’s 56c.It said its interim EPS and HEPS were expected to be at most 25c.The company, whose customers include Tesla, stands to be among the biggest casualties of US President Donald Trump’s tariff protection against imported aluminium products."While trading conditions in the US remain volatile, Hulamin has increased its engagement with important stakeholders, particularly its customers and the South African Government. In the short term, the company maintains a full order book at competitive pricing levels," Friday’s statement said.Hulamin s...
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