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Assore earnings are expected to drop.

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Assore earnings expected to plunge

I-Net Bridge | Mon, 08 Feb 2010 18:18
[miningmx.com] --MINING holding group Assore said in a trading statement that headline earnings per share are expected to be between R11.95 and R16.95 per share for the six months ended December 31 2009, from R124.44 previously.

Attributable earnings per share for the period are expected to be between R12 and R17, from R124.61 per share earlier.

Assore said earnings per share calculations are based on a weighted average of 23.93 million shares in issue, from 23.92 million shares in 2008.

"Shareholders are advised that the change in trading conditions, brought about by the world economic turmoil which set in at the beginning of October 2008, continued to have a direct and enduring effect on the markets in which the Assore group trades," the group said.

It said that while sales volumes for all products had exceeded those for the same period in the previous fiscal year, prices achieved had decreased substantially. "In addition, markets are priced in dollars, and results have been adversely affected by the stronger exchange rates which prevailed over the six months ended December 31 2009," it concluded.

Assore expects to publish its results on about February 18.


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