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17 May 2019 | 13:44

Afarak losses deepen amid lower production, prices

Specialty alloy producer Afarak Group said its first-quarter losses deepened amid weaker ferrochrome prices and lower sales volumes.

Losses for the three months through March amounted to €7.5m, compared to losses of €1.9m on-year.

Revenue fell 18% to €41.3m.

'The operational challenges in our South African operations seen in 2018 persisted into the new year,' chief executive Guy Konsbruck said.

'With the second lowest benchmark price in the past nine quarters, sales volumes and revenues were impacted during the first three months of the year.'

'The specialty segment performed well, although market prices for low carbon ferrochrome have weakened and the sales volumes have contracted.'

'The company has adapted the production output to the market demand in order to keep efficient inventory management in place.'

At 1:44pm: (LON:AFRK) Afarak Group share price was 0p at 62.5p

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