Gemfields expects to swing to interim loss
JSE- and Aim-listed Gemfields has advised that its net loss after tax will likely be $56.7-million, or R959-million, for the six months ended June 30.
This compares with a profit after tax of $12.4-million, or R177-million, posted in the six months ended June 30, 2019.
The company expects its loss a share to be $0.04, or R0.74, compared with the earnings a share of $0.01, or R0.11, reported for the prior comparable period.
The gemstone miner says its 2020 auction schedule has been severely impacted by the many travel, quarantine and congregating restrictions put in place to mitigate against the spread of Covid-19.
The company had only been able to host one auction in the period under review, which yielded $11.5-million from the sale of commercial quality emeralds. Auctions that were scheduled for May, June and August had to be cancelled.
During the prior comparable six months of last year, Gemfields reported sales revenues of $50-million and $33-million, respectively, from the Montepuez ruby mine, in Mozambique, and the Kagem emerald mine, in Zambia.
Gemfields remains unable to provide guidance as to when it might be able to host further gemstone auctions, or generate meaningful revenue from gemstone sales.
In addition to lower sales in the first half of this year, Gemfields’ financial performance was impacted by an impairment charge recognised against an intangible asset of its subsidiary, Fabergé, while a review of Gemfields’ shareholding in Sedibelo Platinum Mines had resulted in a fair value writedown of $12.5-million, to $45-million.
The company will release its results for the six months ended June 30 on September 18.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
