LONDON (Alliance News) - International Ferro Metals Limited Monday said its pretax losses widened in its full-year results as the company couldn't compare finances based on a one-off payment in 2012.
The ferrochrome producer, an essential element in stainless steel, said its pretax loss widened to ZAR126 million from ZAR72 million for the twelve months ended June 30.
The company said its sales increased 6% to ZAR1.6 million from ZAR1.5 million as the company increased its ferrochrome production 20% to 183,718 tonnes from 153,046 tonnes during the period.
In 2012, the company benefited from a payment of ZAR169.9 million in other finances which significantly skewed the comparison, it said Monday.
International Ferro Metals, with operations in South Africa, said that over 95% of the pretax loss is attributable to its first half and that it is confident of its profitability in next financial year.
International Ferro Metals shares were up 7.76% to 9.16 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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