Universal posts record results
PERTH (miningweekly.com) – Coal miner Universal Coal has reported a near 800% increase in after-tax profit for the full year ended June, while revenue has more than doubled.
Net profit for the 12 months under review reached A$35.9-million, up from the A$4-million achieved last year, while revenue increased from A$149.2-million to A$316.3-million in the same period.
Sales tonnage increased from 3-million tonnes to 4.7-million tonnes, as production was sourced from two collieries during the year, with the majority of the increase driven by the New Clydesdale Colliery’s first full year of nameplate production.
Universal on Friday reported an earnings before interest, taxes, depreciation and amortisation of A$72.3-million, compared with A$25-million in the previous financial year.
“Universal has delivered exceptionally strong financial and operational results for the year ended June, and we have been able to reward shareholders with dividends amounting to 2c a share,” said Universal CEO Tony Weber.
“The 2018 results prove that we have cemented our reputation as a growth-orientated and cost-effective coal producer. We expect to build on this reputation by successfully extracting maximum value from our producing mines, executing projects that are currently under development, and integrating new operations that we are acquiring,” Weber said.
The company is expecting to take effective ownership of the Eloff Mining Company, as well as the North Block Complex in the months to come, Weber noted.
“Over the next few years, we are well placed to achieve our strategic objective of growing Universal Coal to become a ten-million-tonne-a year saleable producer. We also remain resolutely committed to the ongoing distribution of dividends to shareholders.
“We continue to assess other acquisition opportunities that enhance our production and earnings profile. Universal is in great shape and benefiting from solid operational performance and strong sector tailwinds."
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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