Bisichi H1 earnings fall as S Africa operations struggle
JOHANNESBURG (miningweekly.com) – Aim-listed Bisichi Mining on Thursday posted a decline in earnings for the six months ended June 30, as its South African operations faced several obstacles.
However, the company aimed to bounce back during the second half of the year after implementing a turnaround plan.
During the six months under review, Bisichi Mining achieved earnings before interest, taxes, depreciation and amortisation of £1.1-million, a decline on the £3.2-million reported in the corresponding period in 2013.
Earnings a share fell from 10.07p in the first half of last year, to 0.26p during the period under review, while revenue contracted from £19.09-million to £12.31-million.
Acceptable levels of profitability were expected during the second half of the year after the company’s South African coal-mining subsidiary returned to profitability during the second quarter.
The Black Wattle opencast mining operations were severely impacted when one of the main production pits ran into unrecorded old underground workings, as well as amid heavy rainfall.
“As part of that turnaround plan, Black Wattle swiftly relocated machinery to two of our profitable production pits in order to increase production from these areas. The turnaround plan suffered a short-term setback caused by the unusually heavy rainfall in the first quarter of 2014,” the company said in a statement.
“Although we continue to operate in an environment of historically low coal prices, we expect the changes implemented at Black Wattle to result in a stronger performance from our South African operations for some time to come.”
Bisichi declared an interim dividend of 1p a share.
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