JOHANNESBURG (miningweekly.com) – JSE-listed Merafe Resources on Tuesday posted a 12% rise in revenue to R2.2-billion as ferrochrome sales delivered a double-digit increase to 191 000 t during the first half of 2015.
However, Merafe’s earnings before interest, taxes, depreciation and amortisation (Ebitda) from its Glencore–Merafe chrome joint venture for the six months ended June 30, contracted to R355.3-million, compared with the R468.5-million posted in the corresponding period last year.
The company’s basic and headline earnings a share dipped from 9c and 8.9c respectively in the six months to June 2014 to 5c during the period under review.
Profit for the six months under review fell to R124.3-million, from R224.7-million in the first half of last year, after being hit by depreciation of R120.5-million as Lion II eased into production, net financing costs of R37.1-million and tax of R54-million.
For the six months to June, production rose to 195 000 t, a 16% hike on the corresponding period the year before, after the Lion II furnace ramped up to full capacity in the second quarter of the year.
The company declared an interim dividend of 1c a share.