Johannesburg - Petmin, previously Petra Mining, said its first half headline earnings per share increased 120 percent from 2.96 cents to 6.52 cents in the six months to end December 2007.
The minerals, mining and processing company said its revenue increased 92 percent or by R147 million from R160 million in the first half of 2006 to R306 million in first half of 2007, while its profit after tax jumped by 145 percent from R39 million to R93 million.
Petmin attributed the company's improved performance to its anthracite division with the ramp up of production and sales at Somkhele anthracite mine and due to stronger performance at its Springlake Colliery.
The company supplies local and international markets with anthracite and silica.
Somkhele produced 250 302 tons and sold 261 272 tons of anthracite in the period under review. The company said 85 percent of the sales tonnages were exported.
Springlake produced 365 058 tons and sold 335 812 tons of anthracite while the company's silica operation, SamQuarz, produced 615 887 tons and sold 630 089 tons of silica and chert in the six months to end December 2007.
Petmin warned that the power crisis, which interrupted operations during January and February 2008, had a negative impact on production at the anthracite division and may result in the delay of two export vessels totaling approximately 70 000 tons until after the end June reporting period.
"The full impact of these power cuts on our South African-based customers' demand for our products is not yet known," said the company.
But since there was no evidence of a reduction in demand for its commodities from its customers, the impact on sales at the anthracite operations will be limited as these operations export the majority of their product.
"Should there be any reduction in demand in South Africa, this surplus will be diverted to the export market," Petmin said.
By 11.50am Petmin's shares had dipped 1.14 percent or 5 cents to R4.35 on the JSE.
© 2008 Petmin Limited