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Sylvania Platinum (LSE:SLP) reported a net profit for the financial year ended June 30 on the back of record platinum production, according to the Wall Street Journal. The company has managed to offset falling PGM prices with rising production.
Sylvania Platinum (LSE:SLP) reported a net profit for the financial year ended June 30 on the back of record platinum production, according to the Wall Street Journal. The company has managed to offset falling PGM prices with rising production.
As quoted in the publication:
The London-listed miner reported net profit of $1.7 million in the financial year ended June 30, 2015 compared with a $5.1 million net loss the year before.
Net profit rose due to a 1.2% revenue increase to $48 million during the period, reflecting a 7% rise in output to 57,587 platinum group of metal ounces that beat its revised guidance of between 55,000 and 57,000 ounces for the year. This more than offset a 12% drop in the gross basket price of its platinum group of metals to $1,072 an ounce during the period.
The company also lowered its general and administrative costs by 18% during the period to $3.3 million, helping boost its adjusted earnings before interest, taxes, depreciation and amortization before exceptional items by 35% to $10 million.