JJOHANNESBURG (miningweekly.com) – JSE-listed multicommodity miner Petmin’s headline earnings for the six months ended December 31, 2015 are expected to increase by 70% to about 14c a share, compared with 8.4c in the previous year’s comparable period.
However, the company expected to see a loss of 7c in earnings per share (EPS) for the period, compared with the EPS of 8.40c for the six months ended December 31, 2014.
The loss in EPS for 2015 was a result of the miner’s decision to fully impair the R115-million investment in its Veremo iron-ore project owing to the lack of acceptable progress in discussions with Veremo’s majority shareholders on how best to take the project forward, as well as the ongoing litigation relating to the guaranteed payment of R195-million owed to Petmin.
Petmin was continuing with the arbitration to recover the monies due.