Earnings of almost 60pc in Kenmare resources

  • Earnings of almost 60pc in Kenmare resources
    Independent.t. E.
    Kenmare resources saw its profit before interest, tax, depreciation and amortization will increase 59pc to $47.5 m (€41,6 m) in the six months to June 30.
    https://www.independent.ie/business/irish/earnings-up-almost-60pc-at-kenmare-resources-37231894.html
    https://www.independent.ie/business/irish/article34944262.ece/ba3b0/AUTOCROP/h342/2016-08-07_bus_23481452_I1.JPG

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Kenmare resources saw its profit before interest, tax, depreciation and amortization will increase 59pc to $47.5 m (€41,6 m) in the six months to June 30.

Revenues in global producer of titanium minerals and zircon increased 37pc to 140.1 million year-on-year, due to higher prices and sales volumes, the company said today a trading update.

The group reported a profit of $26.4 m for the period, more than doubling their margin to 19pc.

For six months the total shipments of finished products increased by 10pc in 589,200 tonnes, compared with the first half of 2017. While the average received prices rose in the first half of 2018 to 223 dollars per ton, 20pc growth year-on-year.

“I am pleased to report that the 1st half of 2018 was a great period for sales and supply, with a record 589,000 thousand tons shipped to price increases, generating 48.4 million in operating cash flow,” Michael Carvill, MD of Kenmare resources, said.

“Our capital projects and studies are going well, and we strive to provide a significant increase in end product production by 2021, funded by internally generated cash flow and our strong balance sheet.”

Unit operating costs increased 16pc in the first half of the year to $152 per ton, mainly as a result of mining in 2018 being biased towards the second half of 2018, says the company.

Net debt fell to $9.3 m from us $34.1 m as at 31 December, the group had cash in the cash Desk of 84 million dollars. on June 30, 2018.

Meanwhile, the company noted that the commissioning of the wet concentrator plant B (“WCP b”) the update is “going well”.

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