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Trans Hex to surge into profit

I-Net Bridge | Tue, 03 Nov 2009 09:13
[miningmx.com] -- TRANS Hex, a diamond miner, said it expected to report headline share earnings of 9.1 cents for the six months ended September 30, from a headline loss of 52c previously.

Earnings per share for continuing operations of 9.7c is expected against a previous loss of 53c, it said.

The profit for the period is expected to be R9m compared to a loss of R64m for the previous period, Trans Hex said.

The group pointed to a drop in diamond prices and demand during the previous financial year due to the global economic crisis, however prices for its production had since strengthened, and all available production had been sold.

"Stringent cost management has resulted in substantial reductions in cash operating costs against the previous comparative period; effective cash generation by the group's operations has resulted in net cash flow increasing from a net outflow of R97m to a net inflow of R42m," it said.

Trans Hex added that it had a net cash position at the end of the period of R247m, from R97m earlier.


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