Eastplats, which owns several platinum group metals (PGM) and chrome assets in South Africa, says its revenue rose 26.7% to $22.1 million in the first quarter of 2023 compared to $17.4 million, a year earlier.
It said the growth in revenue was mainly due to an increase in free market chrome sales to third parties in the period, offset by a reduction in PGM revenue in the period as spot PGM prices, particularly palladium prices, were lower in the current period than in the comparable period.
The miner registered a 53.8% increase in mine operating income to $5.2 million in the first quarter from the previous year’s $3.4 million, resulting in an improved gross margin of 23.7% compared to 19.5%, a year earlier.
Its operating income was $3.5 million in the first quarter, compared to operating income of $100,000 the previous year.
Net income attributable to equity shareholders was $1.3 million, or $0.01 earnings per share in the first quarter from a net income attributable to equity shareholders of $3 million or $0.02 earnings per share in the corresponding period.
The decrease in net income was largely attributable to a foreign exchange loss as the South African Rand weakened against the U.S. Dollar.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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