AltX- and Aim-listed Jubilee Metals Group on Thursday posted a lift in earnings for the six months ended December 31, as the Hernic operations, in Limpopo, continued to deliver strong operational and financial results.
The group achieved earnings a share of 0.06p during the half-year under review, compared with the loss a share of 0.025p in the comparative period in 2017.
“This interim period has delivered exceptional results with much activity settling down developed projects, negotiating new projects, raising the necessary finance and increasing production productivity,” Jubilee nonexecutive chairperson Colin Bird said in an update to shareholders.
Jubilee reported profit for the period of £760 000, a 274% surge on the loss of £440 000 during the interim period the year before, while gross profit jumped 71% to £4.04-million.
Revenue was up 39% to £8.33-million during the six months to December 31, while cash generated from operations increased more than fourfold to £1.17-million.
“The results for the period under review highlight Jubilee’s continued growth in earnings as Hernic continues to deliver strong operational and financial results, which will be further supported by the acquisition of the PlatCro chrome operations and the commissioning of the Dilokong Chrome Mine (DCM) fine chrome project,” he said.
During the six months to December 31, the company’s platinum group metals (PGMs) production increased by 85% to 12 288 oz, compared with the 6 629 oz achieved in the comparative period the year before.
PGMs revenue increased by 98% to £7.09-million, while PGMs operational earnings were up 180% to £4.09-million.