Petmin expects earnings surge

Image courtesy Chance Agrella/

Image courtesy Chance Agrella/

Leading producer of metallurgical anthracite, Petmin expected headline earnings per share for the year to end-June to rise 60 % to around 24 cents after a solid performance at its Somkhele mine.

“Despite a flat pricing environment, the strong operational performance is attributed to increased production and sales volumes, improved plant yields and effective cost management,” Petmin said in a trading statement.

Earnings per share for the year are expected to be around 23 cents, compared with a loss per share of 20.70 cents in the prior year. Petmin posted a loss last year due to a non-cash impairment of R181 million on its Veremo investment and one of R19 million on its Iron Bird investment.

Petmin – which has operations in South Africa and exploration projects in Canada, Liberia and Turkey – expects to release full results on or about September 8.




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