Hulamin’s shares tumble after warning of profit decline
Aluminium products maker Hulamin’s share price fell as much as 30% to R3.50 on Wednesday morning after it warned shareholders its interim earnings could fall up to 82%. Hulamin’s share price had recovered to R4.60 by 9.50am, still an 8% drop from Tuesday’s closing price of R5. The local manufacturer, which is scheduled to release its results for the six months to end-June on July 30, said it expected to report basic and headline earnings per share to be in the range of 10c-16c, down from 56c in the matching period. Wednesday’s update followed a warning issued on May 25 that the local manufacturer’s earnings would fall by at least 55%. Hulamin’s customers include US car maker Tesla, making it a likely casualty of President Donald Trump’s tariffs on imported steel and aluminium products.
In May, Hulamin said it had not yet been affected by Trump’s import protection policies. Rather, its profitability was suffering from a stronger rand against the dollar, and what it terms a "met...
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