Merafe Resources posts 3 cents per share loss in H1
Thursday, 06 Aug 2009
Reuters reported South African ferrochrome producer Merafe Resources reported a first half loss of 3 cents per share, pressured by low international ferrochrome prices and a firmer rand currency.
Merafe said that its loss for the period amounted to ZAR 84.2 million, while cash flow from operations was at ZAR 144 million as compared with ZAR 272 million in the same period last year.
Despite a strong rand currency continuing to affect earnings, the company said it was hopeful of weathering the current uncertain economic environment. It said rising demand for ferrochrome, combined with lower global ferrochrome stocks, had pushed benchmark prices up by 29% from the second quarter, with demand likely to remain at those levels in the fourth quarter.
