(Alliance News) - Tharisa PLC on Thursday said its profit multiplied in the first half of its current financial year amid record metal prices.
The Cyprus-based mining company said platinum group metals output was up 13% year-on-year on a 6E basis to 75,100 ounces in the six months to the end of March and chrome concentrate output excluding third party rose by 12% to 730,700 tonnes.
The company also reported record PGM basket prices at USD2,823 per ounce versus USD1,612 a year ago.
As a result, revenue for the half-year grew to USD313.6 million from USD194.6 million. Pretax profit jumped to USD104.6 million from USD17.5 million a year prior.
An interim dividend of 4 US cents per share was declared by the company versus none paid a year ago.
Going forward, the company maintained its guidance for the year to the end of September at 155,000 ounces to 165,000 ounces of PGMs and 1.45 million tonnes to 1.55 million tonnes of chrome concentrates.
"Our growth strategy remains well on track, with Vulcan construction progressing as planned and Tharisa post half year announcing the consolidation of its ownership in Salene Chrome, a strategic building block to capture the significant geological endowment of Zimbabwe's Great Dyke," said Chief Executive Phoevos Pouroulis.
Tharisa shares were trading marginally higher at ZAR27.60 in Johannesburg on Thursday morning. In London, the stock was up 5.4% at 145.49 pence.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Tharisa (THS)