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Petmin expects FY earnings to increase 60%

4th September 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Following a solid operational performance at its Somkhele anthracite mine, in KwaZulu-Natal, multicommodity mining company Petmin’s headline earnings for the year ended June 30 are expected to increase by about 60% to 24c apiece, it said on Friday.

Despite a flat pricing environment, the strong operational performance was attributed to increased production and sales volumes, improved plant yields and effective cost management.

Earnings a share for the year were expected to be about 23c, compared with a loss a share of 20.7c in the prior year, which was the result of a R181-million impairment of its investment in Veremo and a R19-million impairment of its investment in Iron Bird.

The company expected to release its results on September 8.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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