JOHANNESBURG, Aug 17 – South African coal producer Thungela Resources said that it more than doubled the profit for the first half of the year owing to increase in coal prices and stronger export sales.
The company said that its headline earnings per share rose to 4.80 rand ($0.27) in the six months to June 30, when compared with 1.92 rand in the same period last year.
Thungela said coal prices in South Africa and Australia, where it operates mines, increased by 15% and 25% respectively during the period as the higher prices helped push revenue to 15.2 billion rand from 14.8 billion rand a year earlier.
The company’s export sales also increased by 12% to 9.5 million metric tons. Thungela said the rise in exports was supported by better rail services in South Africa and strong production at its Ensham mine in Australia.
The company’s results were also supported by changes in global energy markets linked to the conflict in the Middle East, which helped push thermal coal prices higher during the period.
Thungela will pay an interim dividend of 5.50 rand per share, up from 2 rand per share a year earlier.
