LONDON (Alliance News) - Finland-based chrome producer Afarak Group PLC Tuesday upgraded its earnings guidance for 2015, although it maintained its revenue guidance.
The company now expects to report earnings before interest and tax "significantly" improved for 2015 compared to 2014, having previously guided that Ebit would just be improved. It continues to expect revenue at the same level as 2014.
Afarak attributed the improvement in guidance to positive exchange rates, particularly the stronger dollar and weaker South African rand, improved sales from its FerroAlloys division, and the re-opening of its Mecklenburg mine in South Africa last December.
In 2014 Afarak reported Ebit of EUR1.7 million, swung from a EUR8.0 million loss in 2013, on revenue of EUR172.7 million compared to EUR135.5 million.
Shares in Afarak were untraded Tuesday morning, it last closed at 27.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Afarak Group (AFRK)