Wescoal Holdings said headline earnings per share were likely to equate to a loss of between 2.5 and 3.2 cents for the year to March 31, 2021, compared with the 32.67 cents loss reported the previous year, an improvement of between 92 percent and 90 percent, the group said in a trading statement yesterday.
The improvement was driven by an improved performance from the mining operations, while the company was able to maintain positive cash generation from operations with earnings before interest tax depreciation and amortisation expected to be between R550 million and R590m.
Group mining production for the quarter ended March 31 was 1 percent higher than the comparable quarter in 2020.
Vanggatfontein’s production was up 68 percent for the financial year compared to 2020. Elandspruit ended a solid production performance with a strong performance in the fourth quarter. Khanyisa’s overall production was 9 percent lower than the previous financial year.
Moabsvelden project development was well underway to support the ramp-up of 160 000 tonnes a month of saleable product by July 2021.
Overall sales volumes decreased by 12 percent from 759 000 tonnes to 668 000.
BUSINESS REPORT