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LONDON (Alliance News) - Bushveld Minerals Ltd on Wednesday said its profit multiplied in the first half of 2018 as it generated revenue.
The vanadium producer said pretax profit in the six months to the end of June rose to GBP30.7 million from GBP1.1 million reported for the same period in 2017, as it revenue of GBP62.1 million compared to nothing over the same period a year earlier.
Over the ten months to December 31, the company posted revenue of GBP2.2 million following its acquisition of Vametco.
Meanwhile, the company also posted selling & distribution costs of GBP3.8 million, idle plant expenses of GBP405,146 and other mine operations costs of GBP814,098. The prior year, Bushveld minerals did not recognize these costs.
In addition, administrative expenses grew to GBP5.2 million from just GBP43,202 posted a year earlier.
During the period, the company said it produced 1,360 megatons of vanadium, down from 1,441 megatons it produced the year before. Sales improved, however, to 1,403 megatons sold during the period, up from 1,341 megatons sold a year ago.
"It is particularly pleasing to report our first ever consolidated net profit and net free cash flow for the Bushveld Group," said Chief Executive Fortune Mojapelo.
"We expect to show continuously improving performance as we integrate and grow the business," added Mojapelo.
Shares in Bushveld Minerals were trading 3.7% higher on Wednesday at 31.10 pence each.
