News

Advanced Search

Trans Hex Spurred by Higher Rough Prices

Nov 3, 2016 10:06 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Trans Hex Group reported a profit in the fiscal first half as rough prices recovered and the South African rand weakened 15 percent against the U.S. dollar.

Revenue increased 2.5 percent to $20.4 million (ZAR 275.3 million) in the first half that ended September 30, lifted by a 10 percent jump in prices mainly due to “firmer” global prices and higher demand, the company said. These factors outweighed a 20 percent decline in sales volume to 18,192 carats.

The miner reported a profit of $2.4 million (ZAR 32.5 million) versus a loss of an almost identical amount a year ago.

“The second half of the 2016 calendar year started with a decline in demand, but the market recovered well in September 2016 in both trading and manufacturing sectors,” Trans Hex said.

South African production for fiscal 2017 is expected to be in the order of 41,000 carats, compared to 2016 output of 48,435 carats. Rough demand is expected to remain firm in the rest of the financial year, the miner added.

Trans Hex, which operates mines in South Africa and Angola, is set to be taken over by a consortium led by South African retail tycoon Christo Wiese, whose bid for the company was declared unconditional October 26. 
Tags: Angola, Christo Wiese, Rand, Rapaport News, rough prices, South Africa, Trans Hex, Trans Hex Group
Similar Articles
Mountain Province 150Mountain Province Sale Yields $26M
Apr 24, 2018
Mountain Province’s sales increased at its April rough-diamond tender as a higher carat volume outweighed a weaker average
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.