Argent Industrial shares slide on warning of steep decline into loss
Steel products manufacturer Argent Industrial’s share price slid more than 2% on Monday morning, after it warned of a steep fall into a loss of R2 per share or more.Monday’s trading update gives an idea of the effect of impairments to its South African operations that it disclosed in November.Argent warned that earnings per share would fall by between 394% and 413% per share in the year to end-March, to a loss of between 199.81c per share and 213.41c per share, from earnings of 68c per share the year before.Headline earnings per share (HEPS) are expected to rise by between 1% and 18% during the period.Argent, which owns a range of manufacturing subsidiaries including steel furniture and mining equipment, said in November that SA’s poor economic climate had resulted in goodwill impairments of R130.4m in the six months to end-September.The company also impaired four of its properties, and has been downsizing a number of its operations.Argent Industrial has been a vocal critic of gover...
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