Tharisa PLC on Friday said interim profit fell sharply as platinum group metals sales and prices declined, despite positive chrome performance.
The Cyprus-headquartered platinum miner posted a 42% drop in pretax profit to $72.4 million for the six months that ended March 31 from $124.3 million a year earlier.
Revenue was down marginally to $335.3 million from $334.0 million.
6E PGM production was 16% lower at 77,000 ounces from 91,800 ounces. PGM sales fell by 11% to 76,800 ounces from 86,500 ounces. It fetched PGM basket price of $2,216 an ounce, compared to $2,592.
However, chrome production inched up 1.4% to 787,900 tonnes from 776,700 tonnes.
Chrome sales grew by 10% to 789,400 tonnes from 719,300 tonnes, while metallurgical grade contracted selling price of $247 per tonne, up 41% from $175.
Tharisa kept its interim dividend at 3.0 US cents per share.
With its primary mining operations in South Africa, Tharisa benefitted from a weaker rand, it said. But this was offset by electricity loadshedding and logistical constraints in South Africa.
Tharisa Chief Executive Phoevos Pouroulis said the group’s Karo platinum project in Zimbabwe is making progress.
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