Wescoal in the black but holding on to cash
Despite a satisfactory performance due to improved operational performance, the miner has not declared an interim dividend
Wescoal has reported its best interim performance in five years, despite the considerable challenges facing the junior miner.
For the six months ended September 2020, Wescoal swung back into profit of R11m compared with a R51m loss in the comparative six months in 2019. Headline earnings per share (HEPS) increased to 3.3c, compared with a loss of 11.9c. Revenue was flat at just less than R2.1bn for the period and operating expenses were lower at R160m, down from R184m...