march quarter pretax profit up 134 percent

Wednesday April 30, 10:13 AM

Sylvania Resources Says 3 Months To March Pretax Profit Up 134 Percent

LONDON (Thomson Financial) - Sylvania Resources Ltd (LSE: SLV.L - news) . reported a 134 percent rise in pretax profit in the three months to March 31 over the previous quarter and said it sees stronger revenues and profits ahead.

The company reported a pretax profit of 56.2 million rands compared with 22.9 million rands in the previous quarter while revenue rose to 95.3 million rands from 34.8 million rands in the quarter ended Dec. 31.

The company said its production rose 34 percent over the previous quarter to 4,802 ounces of platinum group metals (PGM).

Sylvania said the increasing Sylvania Dump Operations production, cost reductions and continued buoyancy of the PGM market augur well for stronger revenues and profits.

The company said revenue rose 174 percent, a consequence both of higher production and a 36 percent increase in the average PGM basket price received to $2,706 per ounce.