Tharisa interim results March 2018
Revenue fro the interim period rose to USD199.2 million (USD175.1 million) whilst gross profit lowered to USD55.7 million (USD82.4 million). Results from operating activities tumbled to USD37.4 million (USD69.9 million). profit fro the period attributable to owners dipped to USD26.0 million (USD41.9 million). Furthermore, headline earnings per share decreased to USD10 cents per share (USD16 cents per share).
In accordance with its dividend policy of distributing at least 15% of annual net profit after tax and following the introduction of an interim dividend, the board has declared its first interim cash dividend of USD2 cents per ordinary share. The interim dividend will be paid on Wednesday, 20 June 2018.
Tharisa's business model is robust with the business cash generative throughout the commodity cycle. The declaration of a maiden interim dividend is testament to the maturing of the business and is evidence of the capital discipline employed by the Group.
The Group expects continued strong operational performance for the remainder of the year with a focus on increasing its production through the continual improvement processes and delivery of the first of its Vision 2020 optimisation projects.
The benefits of the owner mining operational model should become evident in the second half of the financial year and Tharisa is on track to achieve its FY2018 guidance of 150 koz PGMs and 1.4 Mt chrome concentrates, of which 350 kt will be specialty grade. The Vision 2020 projects aim to take production to 200 kozpa of PGMs and 2 Mtpa of chrome concentrates by 2020.