Exxaro says sales are expected to drop slightly due to Covid-19
Diversified miner Exxaro, which supplies coal to Eskom, said on Thursday sales are expected to dip slightly in June as Covid-19 weighs on demand.
In a pre-close trading update, the group said sales are expected to fall about 2% in its six months to end-June.
Disruptions to supply chains, demand, international trade flows and travel, along with lockdowns, collapsing currencies and stock prices, due to measures related to Covid-19 have dealt a heavy blow to the global economy, the group said.
A deeper recession in 2020 compared to the 2008/2009 financial crisis is expected, the group said.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.