Tharisa headline earnings down nearly 14%
JOHANNESBURG – Integrated resource group Tharisa on Wednesday reported a 13.6 percent decline in headline earnings per share to 19 U.S cents in the year to September, while operating profit fell 26.3 percent to US$72.5 million.
Revenue was up 16.3 perent to $406.3 million and the company declared a final dividend to shareholders of two U.S. cents per share, totalling four cents for the 2018 financial year, compared with five cents in 2017.
The low cost producer of platinum group metals (PGMs) and chrome concentrate said its unique co-product mix, coupled with an open pit mine, ensured it remained consistently at the low end of the production cost curve and that it was well insulated against price volatility.
"Fundamentals for the global stainless steel market support stable demand for chrome concentrates," Tharisa said. "Our specialty chrome products are in demand and given the premium pricing of this product, we benefit from strong margins."
The company said the production outlook for the financial year ending 2019 was 160 koz of platinum group metals and 1.5 Mt of chrome concentrates, of which 375 kt would be specialty grade chrome concentrates.
It said its vision for 2020 was to produce 200 koz of PGMs and two Mt of chrome from the Tharisa Mine in South Africa, on an annualised basis.
- African News Agency (ANA)