Reuters reported that South Africa’s Merafe Resources Ltd. (OTC Pink:MERFF) saw a 70 percent increase in profit for the first half of 2012 even though its production dropped significantly.

As quoted in the market news:

The country’s largest ferrochrome producer reported first-half diluted headline earnings per share of 5.5 cents, in the middle range of its guidance to the market, compared to 3.4 cents in the same period last year.

Headline earnings per share is the main profit gauge in South Africa and strips out certain one-time items.

Click here to read the full Reuters report.