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[Ferro-Alloys.com] JSE-listed Merafe Resources on Monday said it expected its headline earnings per share (HEPS) for the six months ended June 30 to be between 126% and 142% higher year-on-year.

This increase, which would bring the company’s half-year HEPS to between 8.6c and 9.2c, was attributable to increases in ferrochrome production and sales volumes, as well as the weakening of the rand against the dollar.

During the six-month period, Merafe produced 168 000 t of ferrochrome, up from 145 000 t in the first half of 2013, while sales of 171 000 t were 25% higher than the 137 000 t sold during the prior corresponding period.

Merafe’s operating capacity utilisation for the period under review was 90%, representing a 16% increase compared with the first half of the previous year.

This increase in capacity use was mostly owing to a stronger market and the impact of the Eskom buy-back agreements that were entered into in the first half of 2013 and were nonrecurring in the first half of this year, Merafe explained.

The company further noted that it expected its basic earnings a share to increase by between 569% and 615% year-on-year to between 8.7c and 9.3c.

Merafe closed the period with a net cash balance of R19-million, total net debt owing to Absa Capital of R592-million and R65-million of its short-term inventory facility used. 

Meanwhile, ferrochrome production from the first furnace of the company’s Project Lion 2 started on April 6, and production from the second furnace on May 30.

During mid-July, daily ferrochrome production reached more than 60% of design capacity, with the plant expected to reach full capacity within the next year, Merafe noted.

• [Editor:Yueleilei]