BULAWAYO - Extensive exports carried out by Hwange Colliery Company Limited (HCCL) last year spearheaded a 49 percent increase in the companys turnover, which totalled to $98.9 million.In a statement of its Audited Financial Results for the year ended 31 December 2010, HCCL said it achieved the high turnover, which was almost double the figure for the previous year mainly due to increased exports that contributed 12 percent.
The company achieved a turnover for the year of US$98.9 million and this was 49 percent above the figure of US$66.4 million achieved the previous year. Exports contributed 12 percent of turnover, read the statement.
The statement said that the companys total sales amounted to 2 510 943 tonnes, a significant increase from 1 709 951 tonnes in 2009 marked by an increase in exports. Total Coal and Coke sales for the year at 2 510 943 tonnes significantly above 1 709 951 tonnes sold in 2009. Export sales stood at 160 052 tonnes against 158 062 tonnes for the previous year.
HPS coal supplies to Zimbabwe Power Company (ZPC)s Hwange Power Station amounted to 1 759 095 tonnes and were 70 percent above the 1 033 968 tonnes delivered in 2009, says the statement.
HCCL increased its Coking Coal (HCC) and Industrial Coal (HIC) sales by 24 percent to 533 299 tonnes from 429 213 tonnes in 2009 with the sales of coal fines however decreasing by 23 percent to 151 036 tonnes from 185 726 tonnes in 2009.
These increases in sales allowed the company to record an operating profit of $9.4 million, which fared well as compared to $5.7 million recorded in 2009.
The share of profit from equity accounted investments amounted to $2.8 million compared to a share of loss of $0.4 million incurred last year. The attributable profits for the year amounted to $6.3 million and this was 142 percent above the net profit after tax of $2.6 million achieved the previous year, says the statement.
Post published in: Economy