Johannesburg - Petmin, a South African producer of metallurgical anthracite, said on Friday it expected headline earnings per share for the year to end-June to rise 60 percent to around 24 cents after a solid performance at its Somkhele mine.
“Despite a flat pricing environment, the strong operational performance is attributed to increased production and sales volumes, improved plant yields and effective cost management,” Petmin said in a trading statement.
Earnings per share for the year are expected to be around 23 cents, compared with a loss per share of 20.70 cents in the prior year.
Petmin posted a loss last year due to a non-cash impairment of R181 million on its Veremo investment and one of R19 million on its Iron Bird investment.
Petmin – which has operations in South Africa and exploration projects in Canada, Liberia and Turkey – expects to release full results on or about September 8.
ANA