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Tharisa Slices Dividend As Revenue, Profit Hurt By Lower Chrome Price

Wed, 15th May 2019 09:40


LONDON (Alliance News) - Platinum group metals producer Tharisa PLC on Wednesday slashed its interim dividend as revenue fell amid lower chrome prices and sales.

Tharisa's revenue for the half year to March 31 fell 16% to USD166.5 million from USD199.2 million. This resulted in pretax profit tumbling to USD10.2 million from USD37.2 million.

Also denting profit was a reduction in the company's gross margin, to 19.3% from 28.0%.

During the six-month period, 2.2 million tonnes of ore was mined as the company focused on pit redesign. Meanwhile, 2.3 million tonnes of reef was processed through Tharisa's two concentrator plants, which included 99,000 tonnes of commissioning tailings.

Tharisa said these results were achieved against lower chrome concentrate prices and lower sales volumes.

Average contracted metallurgical grade chrome concentrate prices decreased to USD163 per tonne from USD193 per tonne a year ago. Current chrome spot prices are trading at USD170 per tonne, Tharisa added.

Meanwhile, chrome sales for the period fell 15% to 618,000 tonnes.

Tharisa declared an interim dividend of 0.5 cents per share, down from the 2 cents paid out a year ago.

Looking ahead, Tharisa expects a strong operational performance for the remainder of the year, and it is on track to meet annual guidance of 150,000 ounces of platinum group metals and 1.4 million of chrome concentrates.

London shares were down 0.5% Wednesday morning at 106.02 pence each, with Johannesburg stock untraded, last quoted at ZAR20 a share.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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