[miningmx.com] — TRANS Hex will report a loss of R45.1m (previous financial year – R21.6m profit) when it publishes its results for the year to end-March on June 2.
In a trading statement released on Monday Trans Hex added it expected to report a loss per share on continuing operations of 41.7c (23.8c earnings per share) and a headline loss of of 45.1c a share (22.1c earnings per share).
This loss was despite a “remarkable turnaround from the South African operations’ in the second half of the financial year when the South African operations generated a profit before tax of R116m compared with a loss before tax of R101.4m in the first six months of the year.
The trading statement said sales revenues dropped to R658m (R715.7m) “primarily as a result of grade underperformance and the decision to temporarily suspend stripping at the Baken operation but also affected by stronger diamond prices in the second half and a strong rand.’
Trans Hex had net cash of R267,5m (R245.6m) at end-March after generating net cash of R21.9m during the financial year.
Trans Hex shares rose nearly 6% to 280c in trading on the JSE on Monday which compares with a 12-month low of 211c and a 12-month high of 425c.
