Strike action, grade underperformance pulls Trans Hex H1 into the red
JOHANNESBURG (miningweekly.com) – A 21-day strike by employees over wage increases, as well as lower production and lower grades at its South African operations dragged JSE-listed Trans Hex’s first-half financial performance into the red.
The company on Friday reported a loss of R53.9-million for the six months ended September 30, a contraction from the profit of R32.9-million delivered in the comparative period the year before.
A loss and headline loss a share of 51c for the interim period under review had been recorded, compared with earnings and headline earnings a share of 31.6c and 21.5c respectively during the six months ended September 2012.
The group’s South African operations generated a pretax loss of R88.6-million in the interim period under review, compared with the profit of R34.2-million achieved during the six months to September 2012.
Revenue contracted to R259-million during the first half of 2013, compared with the R330-million revenue generated in the comparative period in 2012.
The company attributed the lower revenue to a 21.2% decrease in the number of carats sold, owing to lower production, and a 14.7% decrease in average prices, owing to fewer special stones being recovered.
The South African operations sold 26 076 ct at an average price of $1 028/ct for the six-month period to September 2013, down from the 33 093 ct sold at an average price of $1 205/ct in the first half of last year.
The group added that the local operations also reported a contraction in production for the period under review – delivering output of 21 849 ct, down from the 35 865 ct produced in the prior comparative period – on the back of a 35% decrease in grade and the strike in August over wages.
The average grade realised was 0.78 ct/100m3 during the period to September, compared with 1.2 ct/100m3 reported in the prior half-year.
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