South African industrial gas supplier African Oxygen (Afrox) reported a 31% drop in half-year earnings on Friday as lower sales volumes and higher sourcing costs for Liquefied Petroleum Gas (LP) weighed on profits.
The company said its headline earnings per share (HEPS) fell to 76.5 cents, or 31.3%, for the six months ended June, 30, compared with 111.3 cents during the same period a year earlier.
HEPS is the main profit gauge used in South Africa which strips out some one-off items.
Afrox declared dividend of 38 cents per share for the period compared with 55 cents a year earlier.
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