[miningmx.com] — Diversified mining group Metorex on Thursday said it expected its first half headline earnings to be between 13c per share and 15c per share from 48c per share the year before.
It said comparative 2008 headline earnings included attributable earnings from Pan
African Resources of 11c per share as well as the once-off profit on closure of
certain Ruashi hedges during December 2008 of 31c per share.
Metorex said it expected basic earnings for the six months to end December 2009
to come in at between 60c per share and 70c per share after it reported basic
earnings of 42c per share for the six months to end December 2008.
The weighted average number of shares in issue during the 2009 period increased
by 96% to R744m from R379m during the 2008 period.
Adjusted headline earnings per share were seen as being between 11c and 13c from an adjusted loss per share of 1c in the comparative period the previous
year.
These adjusted headline earnings exclude non-recurring items, therefore the
attributable earnings for 2009 and 2008 from Pan African Resources, Vergenoeg
Mining Company and Consolidated Murchison.
While Metorex’s Pan African Resources and Vergenoeg assets have been sold, the
Consolidated Murchison assets are being held for sale.
Adjusted headline earnings per share also exclude the profit on disposal of Pan
African Resources and Vergenoeg, as well as a positive deferred taxation adjustment following the recognition of taxation losses available for set-off against gains from the disposal of assets.
The 2008 Adjusted headline earnings per share also excludes the once-off profit on
closure of a portion of the Ruashi hedge book during December 2008.
Metorex expects to release its interim results on or about March 2.
At 15:46 shares in Metorex were unchanged at R3.90. The stock has lost 13.72% or 62c this month to date.
