Highlights29 Aug 2012 08:23
Highlights
· 394% increase in sales to US$98.7 million (H1 2011 "the Prior Period": US$20.0 million).
· Step change in production from the Prior Period:
- 57% increase in rutile production to 42,610 tonnes (Prior Period: 27,149 tonnes); and
- 67% increase in ilmenite production to 10,315 tonnes (Prior Period: 6,164 tonnes).
· Rutile cash production costs fell 22% from US$788/tonne in the Prior Period to US$617/tonne during the current Period.
· US$66.9 million EBITDA for the Period from a loss for the Prior Period (US$(3.6) million).
· 68% EBITDA2margin (Prior Period: (18%)).
· US$56.2 million net profit for the Period compared to a net loss of US$14.6 million for the Prior Period.
· Non-controlling interest in Sierra Rutile's operating subsidiary eliminated through US$13.0 million payment to the Government of Sierra Leone ("GoSL").
· Strong balance sheet with cash at 30 June 2012 of US$23.3 million and borrowings of US$30.2 million, representing a net gearing ratio of just 4.4% (net debt/equity).