HARARE, December 7 (The Source) – Bindura Nickel Corporation’s net income grew 88 percent to $2,2 million from $1,2 million in the six months to September, driven by higher mineral prices and cost management initiatives.
Revenue up seven percent year on year to $24,1 million from $22,5 million in the previous year.
Operating profit was 54,5 percent to $3,4 million from $2,2 million in the comparable period.
“The increase was partly due to savings realised through various management initiatives,” chairman Muchadeyi Masunda said in a statement on Thursday.
Nickel production grew by 1,16 percent to 3,460 tonnes from 3,420 tonnes. Sales at 484,93 tonnes were slightly higher compared to 3,464 tonnes for the same period last year while the average price of nickel in concentrate was $6,422 per tonne, from $6,198 per tonne previously.
“The resurgence of the Chinese stainless steel market and the hype surrounding the electric motor vehicle and the use of nickel in the manufacture of batteries were the main drivers for the nickel market,” said Masunda.
Capital expenditure amounting to $2,4 million was incurred during the period under review.
Total assets stood at $97 million compared to $96 million in the comparable period.
The group did not declare any dividend.