Trans Hex Headline Earnings Down 18%
May 27, 04
Diamond mining group Trans Hex reported this week an 18 percent fall in headline earnings for the fiscal year, hurt mostly by a strong rand. Despite the fall, the company declared an annual dividend of 73 cents per share, up from 66 cents a year ago.
The company’s sales revenue were 1.1 billion rand, up 11 percent from 972.2 million rand in 2003, but rose triple that in dollar terms.
Trans Hex deputy chair Bernard van Rooyen who reported the results said: “We're proud of maintaining our mining income against a strong rand, supported by robust demand for our high quality stones”.
The company enjoyed good production results, in fact achieving record mining levels at its Baken, Bloeddrif and Saxendrift mines, bringing mining income to 402.1 million rand.
One significant contributing factor that stands out is average per carat prices, soaring 18 percent on strong market demand for rough goods. Trans Hex reported it sold a single stone for over $1.8 million during the year.
Regarding the vacant CEO post, Van Rooyen said a search was underway locally and internationally, and currently there was a short list of three.
“It will be a board decision, but I hope we are coming to the end of our search.”