By Joe Hoppe
Thungela Resources Ltd. said Friday that its first-half operating profit, revenue and earnings all rose, and it reaffirmed full-year guidance.
The coal export business--a spinoff of Anglo American PLC--said its operating profit rose to 990 million rand ($67 million) from ZAR52 million a year prior.
On an adjusted basis, earnings before interest, taxes, depreciation and amortization rose to ZAR1.89 billion from ZAR247 million. Revenue rose to ZAR10.05 billion from ZAR1.66 billion a year before.
The company said it has a robust financial position with ZAR3.14 billion in cash, supported by strong cash generation, and confirmed its full-year production and cost-per-export-metric-ton outlook.
Capital expenditure for the full year is now expected to be on the low end of the previously provided range of ZAR2.6 billion to ZAR3.0 billion. Thungela said its strong balance sheet, coupled with likely positive adjusted operating free cash flow for the rest of 2021, has paved the way for it to consider a maiden dividend.
"The steps we have taken to upgrade our portfolio and our continued focus on improving productivity and operating costs, will no doubt stand us in good stead into the future," Chief Executive July Ndlovu said.
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(END) Dow Jones Newswires