Hwange Colliery Company Limited announced unaudited earnings results for the six months ended June 30, 2017. For the six months, the company reported revenue of was $18,814,733 compared to the $24,481,645 a year ago. This represented a 23% decline and was caused by low sales volumes as a result of low production volumes for the period January to April 2017. Operating loss was $16,300,402 compared to $25,867,787 for the comparative period last year. Loss before tax was $24,562,821 against $28,486,569 a year ago. Loss for the period was $24,562,821 against $28,486,569 a year ago. Headline loss per basic and diluted loss per share was $0.13 against $0.16 a year ago. Headline loss per Basic and diluted share was $0.13 against $0.16 a year ago. Net cash utilised in operations was $49,973,812 against $171,193 a year ago. Purchase of property was $77,120 against $13,443 a year ago.

The effect of the turnaround strategy will continue to increase gradually during the second period of 2017 which is expected to generate a net profit for the period.