Bisichi H1 earnings fall as S Africa operations struggle
JOHANNESBURG (miningweekly.com) – Aim-listed Bisichi Mining on Thursday posted a decline in earnings for the six months ended June 30, as its South African operations faced several obstacles.
However, the company aimed to bounce back during the second half of the year after implementing a turnaround plan.
During the six months under review, Bisichi Mining achieved earnings before interest, taxes, depreciation and amortisation of £1.1-million, a decline on the £3.2-million reported in the corresponding period in 2013.
Earnings a share fell from 10.07p in the first half of last year, to 0.26p during the period under review, while revenue contracted from £19.09-million to £12.31-million.
Acceptable levels of profitability were expected during the second half of the year after the company’s South African coal-mining subsidiary returned to profitability during the second quarter.
The Black Wattle opencast mining operations were severely impacted when one of the main production pits ran into unrecorded old underground workings, as well as amid heavy rainfall.
“As part of that turnaround plan, Black Wattle swiftly relocated machinery to two of our profitable production pits in order to increase production from these areas. The turnaround plan suffered a short-term setback caused by the unusually heavy rainfall in the first quarter of 2014,” the company said in a statement.
“Although we continue to operate in an environment of historically low coal prices, we expect the changes implemented at Black Wattle to result in a stronger performance from our South African operations for some time to come.”
Bisichi declared an interim dividend of 1p a share.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...
VISIT SHOWROOM
ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
