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Afarak swings to first-half loss as disruptions in South Africa hurts performance

By BFN News | 09:43 AM | Friday 10 August, 2018


Alloy producer Afarak swung to loss in the first half of the year as falling ferrochrome prices and disruptions in South Africa weighed on performance. For the six months to 30 June, the company reported a loss of €4.6m compared with a profit of €7.1m a year earlier, revenue was roughly flat at €104.5m from €104.1m a year earlier and earnings (EBITDA) fell to €0.5m from €17.5m. 'Profitability was impacted by the negative performance of the FerroAlloys segment, due to the interplay of lower market prices and specific adverse conditions that the plants faced in South Africa.' The company said. At 9:43am: (LON:AFRK) Afarak Group share price was 0p at 87.5p Story provided by StockMarketWire.com

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