This overtakes an earlier warning in December, when South Africa’s leading manufacturer of aluminium products said it expected a decline of more than 20 percent.
A statement from the company said manufacturing performance had improved significantly in the second half of the year “notwithstanding further interruptions in the supply of LPG gas”.
“However, the price of aluminium, as quoted on the London Metal Exchange, declined further in line with the global fall in commodity prices and the metal price lag loss rose from R53 million at June 2015 to R161 million for the full year.”
The full results are expected February 22.
Source: African News Agency (ANA)
