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LONDON (Alliance News) - Tharisa PLC shares took a hit Friday after it said its basic earning per share and headline earnings per share for the half year to March 31 would decrease by 44% and 31%, respectively.
Tharisa shares were trading in London down 18% at 96.50 pence each. In Johannesburg, it closed 5% down at ZAR19 per share.
The platinum group metal producer's basic earnings per share and headline earnings per share are expected to be between USD9.00 cents per share and USD11.00 cents per share.
Tharisa said the normalisation of the average contracted metallurgical grade chrome prices to USD193 per tonne in the first half of the year from USD278 per tonne in the same period last year; the strengthening of the rand against the dollar and the planned increase in costs as a result of its transition to owner mining all contributed to the large decrease.
CEO Phoevos Pouroulis said: "Higher volume sales for both PGMs and chrome concentrate, were offset by lower spot chrome prices and an increase in costs associated with the transition to owner mining. The benefits of the owner mining model and the central focus on improving recoveries are expected to reflect in the second half."
