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Trans Hex's FY Revenue +15%, Profit Jumps to $25M

Jun 11, 2012 4:58 PM   By Jeff Miller
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RAPAPORT... Trans Hex reported a 15 percent year on year increase in revenue to $89 million (ZAR 754.5 million) for the year that ended on March 31 and the cost of selling rough diamonds fell nearly 3 percent to $67 million (ZAR 563.2 million). Trans Hex reported profit of $25 million (ZAR 208.3 million) compared with a loss of $5.3 million (ZAR 45.1 million).

During the year, South Africa's production increased to 84,409 carats from 69,508 carats in the 2011 with an average price per carat sold at $1,200, up from  $1,162 per carat in 2011. In Angola, production at Somiluana, in which Trans Hex holds a 33 percent stake, increased to 45,869 carats compared with 27,662 carats. Angolan operations achieved an  average price of $446 per carat. No repayment was made to Trans Hex against the outstanding investment amount as cash was retained to develop the mine. Projects Luarica and Fucaúma remained under care and maintenance during the period and were disclosed as discontinued operations as the mining licenses have been  revoked by Angola.

Trans Hex expects production for the 2013 financial year to reach 80,000 carats out of South Africa, and 42,000 carats from Angola.

Trans Hex’s 50 percent joint venture company, Emerald Panther Investments 78 (Pty) Limited, will acquire assets and liabilities relating to Namaqualand Mines from De Beers. The proposed acquisition remains subject to the fulfillment of a number of conditions precedent, including all necessary statutory and regulatory approvals and approval of the transaction by Trans Hex shareholders in accordance with the JSE Listings requirements.

Tags: africa, Angola, hex, Jeff Miller, south, trans
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