Tharisa interim profit declines 27% on weak platinum group metals unit

Tharisa PLC on Thursday reported a slump in annual profit as its platinum group metals business weighed.

The Cyprus-headquartered platinum miner posted a 27% drop in pretax profit to $53.2 million for six months that ended March 31, from $72.4 million a year earlier.

First-half revenue was $369.1 million, up 10% from $335.3 million, but earnings before interest, taxes, depreciation and amortisation declined 45% to $43.8 million from $79.6 million.

PGM production fell 7.7% to 71,100 ounces from 77,000 ounces. The average PGM basket price of $1,344 per ounce, down 39% from $2,216 an ounce.

However, chrome production was up 9.9% to 865,600 tonnes from 787,900 tonnes, at an average metallurgical grade chrome price of $288 per tonne, up 17% from $247 a tonne.

Operating expenses rose 10% to $30.7 million from $27.9 million.

Tharisa maintained its interim dividend at 1.5 US cents, and said ‘it is embarking on a second share buyback’.

Basic earnings per share sank 26% to 12.8 cents from 17.4 cents, while headline EPS fell by a quarter to 13.2 cents from 17.6 cents.

Chief Executive Officer Phoevos Pouroulis said the company is ‘well advanced’ in its plans to consolidate the long-term future of the Tharisa mine in South Africa by finalising the detailed technical work on the underground phased transition.

‘In the interim, to accelerate the development programme, capital has been allocated for early development works including on ensuring the portals are made safe for the decline shaft development,’ he said.

Tharisa, he said, has slowed development at the Karo platinum project in line with capital availability. Karo is located in Zimbabwe.

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