30th Sep 2022 17:14
(Alliance News) - Tirupati Graphite PLC on Friday said it made progress with its mining projects despite an annual profit drop, as it looks to enhance existing resources with new developments in the long-term.
Tirupati is a London and Mumbai-based specialist graphite and graphene producer with operations in Madagascar and India. Vatomina and Sahamamy are its two key mining sites.
In the financial year ended March 31, 2022, the firm reported a pretax loss of GBP2.0 million, widened from GBP1.2 million a year prior.
This was despite higher revenue, which was up 46% to GBP1.6 million from GBP1.1 million.
Cost of sales widened to GBP1.1 million from GBP488,083, which Tirupati attributed to additional expenses for the upkeep of existing infrastructure and increased operating costs following adverse weather conditions.
It said "extreme" rainfall caused problems with road infrastructure, but reported total production of 2,996 tonnes and sales of 2,662 tonnes from across the Vatomina and Sahamamy sites despite these limitations.
Separately, Tirupati announced on Friday the proposed purchase of Suni Resources SA from Battery Minerals Ltd for AUD12.5 million, around GBP7.2 million.
Chief Executive Officer Shishir Poddar said the company was pleased "to secure exclusive rights to acquire a strategically important Montepuez and Balama Central deposits for an extended period while we wait for regulatory approvals".
Tirupati declared no total dividend for the year.
Tirupati shares closed down 3.4% at 37.66 pence each in London on Friday.
By Holly Beveridge; [email protected]
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