RAPAPORT... Trans Hex reported that its revenue was flat at $76.9 million (ZAR 751.3 million) for the year that ended on March 31 as the cost of goods rose 7 percent to $61.2 million (ZAR 605.2 million). The company's profit fell 59 percent to of $8.7 million (ZAR 85.4 million).
During the year, South Africa's production fell 20 percent to 67,115 carats, with an average price per carat of $1,334, which was up 11 percent. In Angola, production at Somiluana, in which Trans Hex holds a 33 percent stake, decreased 9 percent to 41,313 carats. Angolan operations achieved an average price of $352 per carat. No repayment was made to Trans Hex against the outstanding investment amount as cash was retained to develop the mine.
Trans Hex expects production for the 2014 financial year to reach 70,000 carats out of South Africa, while production from Angola should surpass 2013 totals as a result of an injection of cash to increase production capacity.
The company expects rough diamond prices to remain stable during the 2014 financial year.
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