(Alliance News) - Coal miner Bisichi PLC on Monday hailed its "strong" showing in 2019, but decided against a final dividend due to the Covid-19 pandemic.
The operator of the Black Wattle coal mine in Mpumalanga, South Africa, said its operations continued, albeit at a reduced pace, despite the lockdown measures being imposed in the country to curb the spread of Covid-19.
Coal sales fell 4.0% to GBP46.7 million in 2019, from GBP48.7 million, while revenue, which also includes rental income, slipped 3.7% to USD48.1 million from USD49.9 million.
Pretax profit fell by almost half to GBP3.0 million from GBP6.0 million, the London-based firm said.
Chair Michael Heller said: "These results can be attributed mainly to another strong performance in 2019 from our South African mining and processing operations. In 2020 our key priority is the health and safety of all our employees and stakeholders".
Bisichi did not propose a final dividend, meaning its interim 1.00 pence per share interim payout is its only return for the year, down 83% from 6.00p in 2018.
"The board has decided that it will not be proposing a final dividend for the financial year ending December 31, 2019 at this time and will review the dividend position when there is greater visibility of the impact of Covid-19," Bisichi said.
"The group's South African mining and processing operations have continued to operate during lockdown periods as South African government-approved essential business operations, although with a reduced and socially distanced workforce".
The company's stock was untraded in London late on Monday morning, last quoted at 58.25p each.
By Eric Cunha; ericcunha@alliancenews.com
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Bisichi (BISI)