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Petmin's profit declines

March 5 2013 at 08:00am

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An illegal strike and heavy rains at Petmin’s Somkhele metallurgical anthracite mine in KwaZulu-Natal resulted in a 36 percent drop in profit during the half year to last December, the company said yesterday. Petmin reported a R30 million profit after tax for the interim period compared with R47m in the same period in 2011. The firm said rain prevented the loading and delivery of 192 000 tons of exposed coal to the Somkhele wash plants. Despite the difficulties, the company remained positive. “The fundamentals of the Somkhele operation remain strong despite short-term weather and labour challenges,” executive chairman Ian Cockerill said. Petmin reported R161m of cash flow from R200m in the previous period. Earnings a share from continuing operations declined 16 percent to 5.22c from 2011.

Petmin stock ended unchanged at R2.30 yesterday. – Dineo Faku


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