(Alliance News) - Tharisa PLC on Friday said it will be reporting a double-digit decline in its earnings in its most recently ended financial year due to reduced production volumes.
The Cyprus-headquartered resource company said it now expects to report earnings per share and headline EPS for the twelve months ended September 30 at 4 US cents, representing a decrease of 79% compared to EPS and headline EPS of 19 cents delivered a year prior.
Although the company reported operational improvements in the second half of the year, it did not attain its production guidance for the year.
Tharisa explained that a pit redesign undertaken throughout the year hurt its overall volumes, with overall platinum group metals production down 8.3% and a reduction of 11.0% in chrome concentrate output.
The company has also experienced a 13% weakening of the metallurgical grade chrome concentrate price year-on-year, with the received price of USD162 per tonne.
Tharisa expects to publish its full-year results on or around Thursday next week, it said.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Tharisa (THS)