Hundreds of millions of rands in forex losses set to hit Nampak earnings hard
Bizcommunity.com - Nov 10th 2016, 11:11
Packaging group Nampak says it expects its full-year headline earnings a share fall by up to half, hit by abnormal items like foreign-exchange losses.
Excluding abnormal items, profit for the year to September was expected to be 2%-7% higher than that of the previous year, the company said on Wednesday.
Nampak, which makes cans, bottles and cardboard boxes is reeling from weakening effect on Nigerian and Angolan currencies of lower oil prices.
The group said its foreign-exchange losses amounted to between R670m and R700m. Nigeria accounted for the bulk of losses.
There were also asset impairments of R355m-R370m related mainly to planned conversion of the Angolan tinplate line to aluminium.
The share price was off 2% to R18.34 in late trade on the JSE, valuing the group at R12.6bn.All rights reserved ©. Bixcommunity.com
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