Sylvania Platinum earnings triple in first half

Sylvania Platinum posted its interim financial results for the six months to 31 December on Tuesday, with group EBITDA has increasing to $9.22m from $3.61m in the first half of the prior year.

The AIM-traded company said net profit increased to $4.52m from $0.28m and revenue improved 32% to $24.55m.

General and administration costs were down 27% to $0.88m, while the group cash balance increased to $12.68m.

The board said the business remained cash generative after tax and capital expenditure, and confirmed the company remained debt free.

“I am once again delighted to report another excellent period in which we exceeded operational expectations and delivered two consecutive quarterly production records,” said CEO Terry McConnachie.

“A consistent focus on our strategic objectives of improving operational stability and ounce production, disciplined cost control, and good progress in executing Project ECHO, has delivered robust results, despite a backdrop of depressed commodity prices and challenging macro industry conditions.”

McConnachie said group revenue increased 32% to $24.55m while unit costs decreased 16% to $425 per ounce during the period.

“This is to the credit of our employees whose commitment and dedication is key to reaching our goals.

“As previously announced, the first phase of Project ECHO commenced during the period which will lead to several more years of sustainable production, and we look forward to the remainder of the year with confidence.”