Exchange rate volatility and lower demand for chemicals hit group in the prior comparative period
Chemical manufacturing company Omnia Holdings, whose share price has fallen by three-quarters over the past two years, said on Monday it has returned to profit in its year to end-March, as it continues its restructuring process.
The group, which produces nitrates used in agriculture and other chemicals, had been buffeted by an exchange rate volatility and decreasing demand in the prior year, when it moved to cut jobs and restructure its businesses. Headline earnings per share for its year to end-March is expected to increase 258%-275% from the prior period’s headline loss of 112c, the group said in a trading update on Monday.
Heps is a widely used profit measure that strips out exceptional items to give a better indication of underlying performance. “Omnia’s prudent cash management strategy and disciplined execution has strengthened its balance sheet and resulted in strong earnings growth,” the group said.
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