Innovation

South Africa's Omnia flags full-year loss

South African chemicals and fertiliser maker Omnia Holdings said on Friday it expected to report a full-year loss as drought, a volatile currency, changes in the mining industry and difficult global trading conditions weighed on earnings.

JOHANNESBURG, June 14 (Reuters) - South African chemicals and fertiliser maker Omnia Holdings OMNJ.J said on Friday it expected to report a full-year loss as drought, a volatile currency, changes in the mining industry and difficult global trading conditions weighed on earnings.

The firm said the headline loss per share, the main profit measure used in South Africa, was expected to fall to between 139 cents and 59 cents for the year ended 31 March 2019 compared with headline earnings per share of 991 cents a year earlier.

Omnia, which raised funds for two acquisitions and the construction of a new fertiliser plant, said last month it had agreed to restructuring talks with creditors.

The firm, which also produces explosives, has also said it would undertake a rights offer of 2 billion rand ($137 million) to cut debt.

Omnia's results are expected to be released on June 21, 2019.

(Reporting by Tanisha Heiberg Editing by Edmund Blair)

((Tanisha.Heiberg@thomsonreuters.com; +27117753034; Reuters Messaging: tanisha.heiberg.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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