LONDON (Alliance News) - Bisichi Mining PLC Thursday said it made a profit in the first half of 2015, having suffered a loss in the first half of 2014, as revenue grew and earnings were boosted by low production costs.
The company reported a pretax profit in the six months ended June 30 of GBP528,000, after it posted a GBP257,000 pretax loss in the same period the year before, as its revenue grew to GBP13.9 million from GBP12.3 million, and its earnings before interest, tax, depreciation and amortisation increased 14% to GBP1.2 million from GBP1.1 million.
Bisichi said that a continued focus on keeping production costs low in London and at the Black Wattle Colliery in South Africa helped to boost earnings, despite a weakening in coal prices.
Bisichi will pay an interim dividend of 1 pence per share.
Shares in Bisichi were untraded on Thursday, last quoted at 87.00p.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Bisichi (BISI)