Petmin expects FY earnings to increase 60%
JOHANNESBURG (miningweekly.com) – Following a solid operational performance at its Somkhele anthracite mine, in KwaZulu-Natal, multicommodity mining company Petmin’s headline earnings for the year ended June 30 are expected to increase by about 60% to 24c apiece, it said on Friday.
Despite a flat pricing environment, the strong operational performance was attributed to increased production and sales volumes, improved plant yields and effective cost management.
Earnings a share for the year were expected to be about 23c, compared with a loss a share of 20.7c in the prior year, which was the result of a R181-million impairment of its investment in Veremo and a R19-million impairment of its investment in Iron Bird.
The company expected to release its results on September 8.
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