22nd May 2025 07:53
(Alliance News) - 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 USD53.2 million for six months that ended March 31, from USD72.4 million a year earlier.
First-half revenue was USD369.1 million, up 10% from USD335.3 million, but earnings before interest, taxes, depreciation and amortisation declined 45% to USD43.8 million from USD79.6 million.
PGM production fell 7.7% to 71,100 ounces from 77,000 ounces. The average PGM basket price of USD1,344 per ounce, down 39% from USD2,216 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 USD288 per tonne, up 17% from USD247 a tonne.
Operating expenses rose 10% to USD30.7 million from USD27.9 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.
By Artwell Dlamini, Alliance News reporter
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