[miningmx.com] – PETMIN, a diversified mid-tier mining company, said share earnings for the year ended June 30 would come in at a negative 20.70 cents year-on-year owing to non-cash impairments on investments.
Normalised earnings, which strips out non-recurring items, would be increased 24% year-on-year while headline earnings would be maintained at 15 cents a share owing to a strong operational performance from its Somkhele anthracite mine which helped the firm breach revenue of R1bn for the first time.
An impairment of R181m was taken on Petmin’s investment in Veremo, a pig iron joint venture in South Africa’s Mpumalanga province.
A further R19m was written down relating to its Iron Bird investment while a mark to market loss of R14m was booked on its investment in Red Crescent Resources.
