Trans Hex records loss, lower diamond output
JOHANNESBURG (miningweekly.com) – JSE-listed Trans Hex on Monday reported a fall in earnings per share (EPS) and headline earnings per share (HEPS) for the year ended March 31 as its South African operations underperformed.
The diamond producer posted EPS and HEPS of 20.7c and 9.8c respectively during the 12 months to March, a fall on the reported EPS of 79.9c and HEPS of 69.9c in the prior year.
The group’s profit for the year declined from R85.4-million in the 2013 financial year to R22.7-million during the year under review, with a loss after tax from continuing operations of R5.1-million - a decline from a profit of R65-million the year before.
Trans Hex sold 15.7% fewer carats at 55 083 ct during the year ended March 31, securing revenue of R695-million – a 7.4% decline on the R751-million from the 65 339 ct sold during the year ended March 2013.
The group’s South African operations swung to a pre-tax loss of R8.9-million in 2014, from a profit of R88.2-million in 2013.
The operation’s output decreased to 52 081 ct, from 67 115 ct in 2013, owing to a 14.9% decrease in volume treated as a result of the termination of joint venture contractors, a 12.4% decline in grade and a 21-day strike over pay increases by members of the National Union of Mineworkers.
In Angola, production at Somiluana increased from 41 313 ct in 2013, to 72 041 ct as the volumes treated increased 20.9% and the grade rose 44.2%.
Somiluana generated net profit of $10.5-million during the 12 months to March, up from a loss of $3-million last year, with sales reaching $32.4-million, compared with sales of $14.9-million the year before.
Profit from the discontinued Luarica and Fucaúma operations rose from R20.4-million in 2013, to R27.8-million in the year under review.
The group ended the year with a steady net cash position of R397.6-million.
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