Trading statement
Basic and headline earnings per share
Shareholders are therefore advised that Merafe is expecting to report the following for the year ended 31 December 2017:
*basic earnings per share of between 34.5 cents and 38.5 cents, compared to 21.2 cents for the prior year, which is an increase of between 63% and 82%; and *headline earnings per share of between 34.5 cents and 38.5 cents compared to 21.2 cents for the prior year, which is an increase of between 63% and 82%.
The significant increase in earnings per share is primarily driven by substantially higher chrome ore and ferrochrome prices which were partially offset by:
*lower chrome ore and ferrochrome sales volumes; *stronger average Rand compared to US Dollar exchange rate; and *an increase in total costs per tonne of ferrochrome and chrome ore sold.
Share price is up 6% on the day.