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OM Holdings' profits fall in 2019

28th February 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Weaker manganese ore and ferroalloy prices has seen vertically integrated manganese mining, smelting and trading company OM Holdings report a 32% decrease in revenues for the 2019 financial year.

The ASX-listed company on Friday reported that revenue for the full year reached A$1.03-billion, down from the A$1.51-billion in the 2018 financial year, while earnings before interest, taxes, depreciation and amortization decreased from A$339.7-million to A$154.5-million.

OM Holdings told shareholders that a temporary suspension to the company’s Australian mining activities between August to December of last year also impacted the bottom line.

“2019 proved to be a challenging year. Notwithstanding transient production disruptions and market uncertainties, the group’s entire business operations remain sound and we are looking forward to starting our tailings retreatment plant, sintering plant, as well as regaining full mining production capability in 2020,” said executive chairperson Low Ngee Tong.

“The market fundamentals for the region are strong, and we shall continue to focus on generating a solid cashflow and growing sustainably,” he added. 

Edited by Creamer Media Reporter

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