Hwange Colliery Company Limited Announces Audited Earnings and Operating Results for the Year Ended December 31, 2015
April 01, 2016 at 09:25 am EDT
Hwange Colliery Company Limited announced audited earnings and operating results for the year ended December 31, 2015. For the year, the company reported revenue of USD 67,576,220 against USD 83,918,846 a year ago. Operating loss before interest and tax was USD 99,727,098 against USD 51,540,220 a year ago. Loss before tax was USD 105,689,216 against USD 56,365,731 a year ago. Loss for the year was USD 115,056,773 against USD 37,865,885 a year ago. Attributable loss per basic and diluted share was USD 0.63 against USD 0.21 a year ago. Headline loss per share basic and diluted was USD 0.61 against USD 0.19 a year ago. Net cash flows used in operating activities was USD 2,152,866 against net cash flows generated from operating activities of USD 14,218,762 a year ago. Acquisition of property, plant and equipment was USD 30,804,938 against USD 346,840 a year ago. Revenue was affected by low production and sales volumes, the stagnant HPS coal prices and the decline in the HIC/HCC coal and coke prices for both local and export markets.
For the year, the company reported HPS coal of 887,273 metric tonnes against 871,632 metric tonnes a year ago. HCC/HIC coal was 503,706 metric tonnes against 459,325 metric tonnes a year ago. Coal fines were 113,421 metric tonnes against 375,841 metric tonnes a year ago. Total coal was 1,504,400 metric tonnes against 1,706,798 a year ago. Coke (Incl breeze) was 53,874 metric tonnes against 79,708 metric tonnes a year ago.