KABANDA CHULU, Lusaka
IMPROVED copper prices and increased operational efficiency at Chibuluma Mines Plc contributed positively to the financial results of the company, posting an increase in turnover of US$29 million at the end of June 2017.
In comparison with the same period last year, the company recorded US$23 million in turnover, translating in less by around US$6 million.
However, profit before tax decreased from US$4.9 million in 2016 to US$1,069, 000 this year and also profit attributable to shareholders declined to US$1,071,000 this year from US$5,044,000 last year.
This is according to the unaudited report for the year ending June 30, 2017 jointly released by company general manager Shuancun Bai and chief financial officer Eustus Munsaka.
The report states that average copper prices per tonne this year was at US$ 5,748 compared to US$4,699 within the same period last year.
“The company achieved a turnover of US$29.4million during the six months ending June 2017. The increase in revenue compared to the same period last year is attributed to improved copper prices.
“The turnaround to profit from a loss position is due to the continued focus by the management team to contain costs and improve the operational efficiency. In addition, the notable increase in the average selling price of copper over the period substantially assisted in attaining the reported profit result,” the report read in part.