(Alliance News) - Bisichi PLC on Tuesday said its production was hurt by coronavirus lockdown, resulting in a swing to loss in the first half of 2020.
The mining company reported a pretax loss of GBP2.0 million for the six months to the end of June compared to GBP4.3 million profit delivered a year earlier.
Total production for the period was 580,000 tonnes, lower than 655,000 tonnes reported a year ago. Thus, revenue fell to GBP14.3 million from GBP26.4 million year-on-year.
Bisichi explained that its results reflect the challenging period due to the impact of the Covid-19 pandemic and the related downturn in international coal markets.
The company's South African coal mining and processing operations, however, have been designated by the South African government as essential business operations and allowed to continue during lockdown periods.
Bisichi shares closed 9.2% lower in London on Tuesday at 59.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Bisichi (BISI)