Karoo Resources expects headline earnings per share for the six months to end-June to fall between 16% and 18% compared with the prior period, according to a trading statement released on Tuesday.
The company said the decline was driven mainly by softer chrome prices and a stronger rand, which reduced the value of dollar-denominated export receipts. Production volumes were in line with guidance, the statement noted.
Karoo Resources said its Northern Cape operations continued to run at planned capacity and that no changes had been made to its full-year production outlook. The company did not provide updated guidance on unit costs.
Full results are scheduled for release in September.