LONDON (Alliance News) - Coal miner Bisichi Mining PLC on Friday said its earnings dipped in the first half year-on-year as production declined.
Bisichi said earnings before interest, taxation, depreciation and amortisation were GBP1.0 million in the half to the end of June, down from GBP1.2 million a year earlier. Group revenue declined to GBP10.9 million from GBP13.9 million. Pretax profit was down to GBP162,000 from GBP407,000.
Production declined to 795,000 tonnes in the half, down from 838,000 a year before. The company said it is planning an increase in production from its Black Wattle site in South Africa by the end of the year. At present, the focus remains on cost control and production at Black Wattle, the company said.
It added physical demand for Black Wattle coal remains strong, despite low coal prices internationally.
Bisichi shares closed untraded on Friday, having last traded at 69.25p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Bisichi (BISI)