JSE-listed Metair expects to report a loss a share of between 2.7c and 3.3c for the six months ended June 30, compared with earnings a share of 48c reported for the six months ended June 30, 2023.
The company says it is likely to post a headline loss a share of between 2.7c and 3.3c for the six months under review, compared with headline earnings a share of 41c in the prior comparable period.
Metair, which will publish its full results on September 26, reiterates that its borrowing costs increased significantly owing to higher net debt levels, particularly at Mutlu Aku, to support working capital within tight trading and liquidity conditions, and additional local net debt to support customer expansion and higher working capital investments.
Net finance costs, as a result, excluding the impact of hyperinflation, are expected to have increased by about 45% year-on-year.
Metair announced on September 17 that it would sell its troubled Mutlu operations, in Türkiye, to Quexco for R1.95-billion in cash. Mutlu forms part of Metair’s Energy Storage vertical.
Edited by: Creamer Media Reporter
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