International Ferro Metals rises on reduced losses

International Ferro Metals has managed to stem losses at its operations in the North West Province of South Africa.

The company has reported production of ferrochrome down 15% in the final six months of 2011 compared to the same period of 2010. Sales fell 3% over the prior year.

Revenues came in stable but gross losses were reduced by 86%, from 54,000 South African Rand (ZAR) in the second half of 2010 to 7,400 in the equivalent period of 2011. This loss was also less than the ZAR10,000 loss made in the first half of 2011.

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The net loss after taxation dropped from ZAR107,000 in 2010 to ZAR92,000.

The firm says it expects to be "cash generative" by the end of the March.

By 11:31am International Ferro Metals' stock had gained 3.7%.

BS