Tharisa FY18 headline earnings, operating profit fall

Integrated resource group Tharisa on Wednesday reported a 13.6% decline in headline earnings per share to $0.19 in the year to September 30, while operating profit fell 26.3% to $72.5-million.
Revenue was up 16.3% to $406.3-million and the company declared a final dividend to shareholders of $0.02 a share, totalling four cents for the 2018 financial year, compared with $0.05 in 2017.
The low cost producer of platinum group metals (PGMs) and chrome concentrate said its unique co-product mix, coupled with an open pit mine, ensured it remained consistently at the low end of the production cost curve and that it was well insulated against price volatility.
"Fundamentals for the global stainless steel market support stable demand for chrome concentrates," Tharisa said. "Our specialty chrome products are in demand and given the premium pricing of this product, we benefit from strong margins."
The company said the production outlook for the financial year ending 2019 was 160 000 oz of platinum group metals and 1.5-million tonnes of chrome concentrates, of which 375 000 t would be specialty grade chrome concentrates.
It said its vision for 2020 was to produce 200 000 oz of PGMs and two-million tonnes of chrome from the Tharisa Mine in South Africa, on an annualised basis.