Johannesburg - Petmin said disciplined management and cost controls were paying off as it announced headline earnings per share of 24.28 cents for the year to June, an increase of 62 percent on the 14.95 cents declared the previous year.
The multi-commodity miner recorded revenue of R1.27 billion, up from R1.02 billion last time.
Profit came in at R125 million after a loss of R119 million in the corresponding prior period a year before, although the comparison is skewed by the inclusion of various exceptional items including impairments of more than R200 million the year before.
Normalised earnings, which strips out exceptional items, came in at R132.1 million, 30 percent better than the R101.7 recorded the previous year.
The company, with mining operations in South Africa and exploration projects in Canada, Liberia and Turkey, noted that it had increased its shareholding in North Atlantic Iron Corporation, an iron sands to pig iron project in Labrador, Canada, from 33 percent to 35 percent during the year. It added that a site had been selected for the first plant and detailed engineering designs were under way.
It also pointed to June’s R350 million broad-based black economic empowerment deal, under which with its employees would receive a 20 percent stake in its Somkhele anthracite mine in South Africa. The deal is subject to shareholder approval.
ANA