(Clarifies that Bisichi's half-year report came on the same day as London & Associated Properties announcement, not one day after.)
Bisichi PLC - coal mining in South Africa - On Wednesday says swings to pretax profit of GBP21.2 million in the six months to June 30 from a loss of GBP686,000 a year earlier, as revenue rises to GBP45.4 million from GBP23.6 million. "These unprecedented earnings for the group can be attributed to a strong performance from Sisonke Coal Processing, the group’s South African coal processing operation which benefited from significantly higher prices of free-on-board coal from Richards Bay Coal Terminal", the company explains.
As a result of the improved coal price, Bisichi's export sales have increased to 177,000 metric tonnes compared to 171,000 metric tonnes a year earlier. However, production at Black Wattle has decreased to 301,000 metric tonnes during the period from 553,000 metric tonnes a year earlier. It expects mining production to recover in the second half of the year to the levels seen in 2021.
Bisichi proposes an interim dividend of 10p per share, compared to none a year prior.
Announcement came on the same day as London & Associated Properties PLC, which owns a 42% stake in Bisichi, said it swung to an interim pretax profit of GBP20.3 million, from a loss of GBP903,000 a year prior. London & Associated had said Bisichi added GBP4.7 million value to its investment during the period.
Current Bisichi stock price: 365.00 pence, up 3.7%
12-month change: up significantly from 75.00 pence on September 7
By Xindi Wei; xindiwei@alliancenews.com
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Bisichi (BISI)
London & Associated Properties (LAS)