South African Wescoal Apr-Sep earnings fall 14% y/y.

By bne IntelliNews November 25, 2011
South African coal miner Wescoal Holdings said its fully diluted headline earnings per ordinary share fell to 7.3 cents for the six months to end-September 2011, from 8.5 cents for the same period last year. The miners revenue grew 1% y/y to ZAR 337.1mn (EUR 29.8mn) for the period. The gross profit from continuing operations rose 5.9% to ZAR 45.4mn, but EBITDA remained flat due to higher costs for the establishment of a regional office in Witbank. The debt to equity ratio improved from to 16% at end-September from23% at end-March 2011. The groups mining division recorded an operating profit of ZAR 28.3mn and revenue of ZAR 155mn, while the trading division grew by 9% with a profit of ZAR 5.2mn. Wescoal's main strategic goal will be to focus on supplying the national power utility Eskom with high quality product and dispose of all other associated operations.

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