26th Mar 2020 16:36
(Alliance News) - Gemfields Group Ltd said Thursday it will be delaying its audited annual results, following advice from regulators in the UK and South Africa.
Gemfields said its auditor, BDO LLP, requires extra time to review the company's results, but Gemfields stressed this is due to the ongoing uncertainty surrounding the Covid-19 oubtreak.
The Johannesburg Stock Exchanges requires the company release its results before March 31.
The natural resources company said it expects to report net profit after tax of USD39.1 million for 2019 compared to a net loss after tax of USD60.4 million a year prior.
Earnings per share are expected to be 2.2 US cents in 2019 compared to a loss per share of 5.0 US cents in 2018.
As of February 29, Gemfields had cash balances of about USD73.5 million, a net cash position of about USD43.5 million and undrawn overdraft facilities of USD30 million.
Shares in Gemfields closed untraded in Johennesburg on Thursday at ZAR1.65 each. The shares were also untraded in London, quoted at 8.00 pence.
By Paul McGowan; [email protected]
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