Mining and property boost HCI in interim period
Results for six months to September show revenue increased 20% at mining segment and 19% at property division
The interim numbers for Hosken Consolidated Investments (HCI) showed the profit prowess of its unsung mining and property interests, which remain the largest unlisted segments inside the trade union aligned empowerment giant. HCI is best known for its majority stake in JSE-listed gaming and leisure group Tsogo Sun as well as other listed investments such as Hosken Passenger Logistics & Rail, eMedia Holdings, Deneb Investments and Niveus Investments. Results released just before market close on Wednesday showed HCI’s mining segment — which revolves mainly around two sizeable coal mines and a sliver of platinum — pushing up revenue 20% to R733m. After tax profits were hiked 76% to R194m. HCI CEO Johnny Copelyn noted that increased revenue was recorded at the Palesa and Mbali Collieries. Sales volumes at Palesa decreased by 46,000 tons (4%) due to mining contractor inefficiencies, but the Mbali Colliery increased revenue by 49% and sales volumes 9% to 502,000 tons. Copelyn said export ...
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