Wescoal operations
After having multiple subsidiaries experience financial difficulty in recent years, with some having entered into business rescue in recent months, JSE-listed Salungano Group expects to report a headline loss a share of between 50.65c and 57.65c for the year ended March 31, 2023.
This compares with headline earnings a share of 6.13c reported in the prior financial year.
Salungano expects to report a loss a share of between 160.68c and 178.68c, compared with a loss a share of 9.06c reported for the prior financial year.
The group has been able to maintain positive cash generation from operations, however, with expected earnings before interest, taxes, depreciation and amortisation of between R80-million and R120-million.
Salungano’s subsidiaries include Keaton Energy, Wescoal Mining, Salungano Trading, Salungano Agriculture and Wescoal Mineral Recoveries.