Gemfields expects to report a net profit of $16-million, or about R197-million, for the six months ended June 30, compared with a net loss of $81-million, or about R1.1-billion, reported for the six months to June 30, 2017.
In a trading update on Friday, the company said its earnings a share and headline earnings a share for the interim period are likely to be $0.01, or about 15c, compared with a loss a share and headline loss a share of $0.10, or about R1.39, in the prior comparable period.
Gemfields’ two key operating assets, Kagem and MRM, generated revenues of $20.3-million and $71.8-million, respectively, during the six months under review. Its Fabergé subsidiary recorded revenues of $7-million.
Further, during the six months, Gemfields sold about 60% of its shares in Jupiter Mines and participated in a further share buyback by Jupiter. These transactions realised profits of $11.7-million for Gemfields.
The company will publish its interim results on September 28.