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Trans Hex's FY Revenue +35%, Profit Soars
Jun 4, 2015 7:51 AM
By Ronen Shnidman
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RAPAPORT... The Trans Hex Group reported that revenue grew 35 percent year on year to $76.1 million (ZAR 939.7 million) in the fiscal year that ended on March 31. Revenue was given a boost from higher rough sales, the disposal of several assets and a weaker rand. The company's profit grew almost nine-fold to $15.4 million (ZAR 190.6 million) during the year.
The company noted that rough diamond prices weakened during its fiscal year, particularly for mid-range and low-end stones.
Trans Hex’s group production rose 26 percent to 156,171 carats, driven by higher recovered ore grades at its mines in Angola and South Africa. Production at the Somiluana mine in Angola, in which Trans Hex’s owns a 33 percent stake, increased 31 percent to 94,483 carats. Similarly, production grew 18 percent at the group’s South African alluvial mines to 61,688 carats.
The company noted that its existing South African assets are nearing the end of their mining life. Meanwhile, the company expects production and profit to continue to increase at its Somiluana mine in Angola this year.
In its guidance for the current fiscal year, Trans Hex anticipates rough diamond demand will increase toward the end of 2015 based upon expected market trends.
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Tags:
alluvial, Angola, Ronen Shnidman, Somiluana, South Africa, Trans Hex
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