JOHANNESBURG (miningweekly.com) – JSE-listed Bauba Platinum has entered into positive earnings territory as it transitioned from a junior platinum explorer to a cash-generating chrome producer in the financial year to June 30.
The company on Wednesday posted headline earnings a share of 2.65c, a positive turnaround on the headline loss a share of 4.4c in the prior year.
It reported basic earnings a share of 0.34c for the 12 months under review, compared with the basic loss a share of 7.7c last year.
Bauba reported a turnaround from a R12.5-million loss after tax in 2014 to a profit after tax of R6.3-million in 2015, with profit of R934 000 attributable to the parents of the group.
Revenue of R40-million was generated for the year under review, after Bauba temporarily sidelined platinum exploration activities in favour of starting its Moeijelijk chrome operation, in Limpopo, in March.
“Since the first blast in March, the company has achieved the targeted production rate of 20 000 t/m of chrome,” Bauba said, adding that the company was optimistic about continued positive growth performance in earnings for the 2016 financial year.