Half-year revenue falls 29 per cent at Aquarius Platinum

Revenue decreased by 29 per cent to 179m dollars in the six months ending December 31st compared to the same period a year earlier at Aquarius Platinum, a company update has shown.

Revenue decreased by 29 per cent to 179m dollars in the six months ending December 31st compared to the same period a year earlier at Aquarius Platinum, a company update has shown.

The group reported that mine operating net cash flow decreased by $63m to a $38m outflow while mine earnings before interest, tax, depreciation and amortisation (EBITDA) - a frequently used metric for measuring a company's operating performance - were down 24% to $22m.

The group's cash balance at the period end was $83m.

Attributable production from operating mines increased by 8.0% compared to the previous corresponding period.

Commenting on the results, Jean Nel, Chief Executive Officer of Aquarius Platinum, said: "The period under review was one of the most challenging in the history of the company. Industrial relations in the southern African mining industry, and in particular the platinum sector, were volatile and strained throughout the entire period, whilst at the same time, platinum group metal prices remained low."

He concluded that cash generation at current spot prices remains constrained: "It is against this backdrop that Aquarius will continue to focus on operational improvements and cash preservation whilst remaining committed to improving the quality of life of the communities surrounding its operations."

Aquarius's share price was up 7.30% to 73.50p at 08:34 on Friday morning.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021