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(Alliance News) - Sylvania Platinum Ltd on Monday posted an annual revenue and profit rise and would have reported an output jump too, were it not for Covid-19 disrupting production.
In the year ended June 30, revenue climbed 62% to USD114.1 million from USD70.5 million, with pretax profit more than doubling to USD55.9 million from USD24.4 million.
"As we look back at the past year and especially the extremely challenging last quarter with its unprecedented nature and circumstances under which the operations had to perform, Sylvania's respective management teams and employees have to be commended for achieving excellent full year results despite the significant challenges," Chief Executive Officer Jaco Prinsloo said.
The company was hurt as Covid-19 containment measures in South Africa meant non-essential mining operations were forced to be placed on care and maintenance. Sylvania said it lost about 10,000 ounces of 4E PGM as a result.
Annual output slipped 4% to 69,026 ounces from 72,090 ounces, a company record, achieved in financial 2019.
Sylvania doubled its payout to 2.00 cents from 1.00 cents.
Shares in the company were 2.4% lower at 64.00 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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