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Pin to quick picksGemfields Grou. Share News (GEM)

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Gemfields Swings To Profit In 2019 But Future Outlook Uncertain

Tue, 24th Mar 2020 14:39

(Alliance News) - Gemfields Group Ltd on Tuesday said it is not sure whether scheduled auctions will take place in 2020 due to coronavirus.

The natural resources company said it expects to report net profit after tax of USD39.1 million for 2019 compared to a net loss after tax of USD60.4 million a year prior.

Earnings per share are expected to be 2.2 US cents in 2019 compared to a loss per share of 5.0 US cents in 2018.

Gemfields's two key operating assets, MRM and Kagem, generated revenue of USD121.5 million in 2019 versus USD127.1 million a year ago, and USD79.0 million from USD60.3 million, respectively.

Given the recent suspension of the 15% export duty payable in Zambia throughout 2019, an impairment reversal of USD21.6 million has been recognised against the Kagem asset, Gemfields said.

Excluding the impairment charges at Kagem and other Gemfields subsidiary companies, headline earnings per share is expected to be USD1.0 for 2019 compared to headline loss per share of USD3.0 the year prior

Meanwhile, Faberge recorded revenue of USD10.5 million compared to USD13.4 million in 2018.

In addition, Gemfields said a review of its shareholding in Sedibelo Platinum Mines Ltd has resulted in a fair value gain of USD7.1 million.

Looking forward, the company said it cannot be certain when or if the ruby and emerald auctions scheduled for the coming months will take place.

Gemfields noted that it had cash balances of USD73.5 million as at February 28.

The stock was untraded in Johannesburg on Tuesday, last closing at ZAR1.65 a share, while in London, Gemfields shares were down 5.9% at 8.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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