Sylvania improves earnings despite laboured year
JOHANNESBURG (miningweekly.com) – Despite a year marred by extensive industrial action in the platinum industry, Aim-listed Sylvania Platinum on Wednesday announced higher basic earnings a share of $2.29 for the six months ended December 31, 2012, from $0.15 a share in the comparative 2011 period.
Revenue, however, dropped to $19.18-million from $23.64-million in the prior half-year.
The low-cost platinum-group metal processor and developer posted group earnings before interest, tax, depreciation and amortisation (Ebitda), which included the disposal of its iron-ore asset, of $10.92-million.
The disposal to London-listed Mercury Recycling Group resulted in a $10-million dividend in specie distributed to shareholders.
Meanwhile, Sylvania’s dump operations (SDO) maintained a positive Ebitda of $3.83-million for the half-year despite extensive industrial action.
Sylvania CEO Terry McConnachie said he was encouraged by the progress made during the period, despite the labour challenges faced during the year.
“We have maintained our positive earnings for the SDO for the half-year, managed our existing capital well and implemented cost cutting measures across the group to focus on driving profitability. In addition, the company continued to grow, with Tweefontein producing its first ounces in September,” he said in an interim results statement.
Post-period, the company announced a new dividend policy in line with its strategy to move away from intensive capital investment and focus on creating shareholder value and returning surplus cash to shareholders.
“The first of these payments is targeted for December,” said McConnachie.
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