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Trans Hex Spurred by Higher Rough Prices
Nov 3, 2016 10:06 AM
By Rapaport News
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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.
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Tags:
Angola, Christo Wiese, Rand, Rapaport News, rough prices, South Africa, Trans Hex, Trans Hex Group
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