MMG Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2018; Provides Operating Guidance and Revises Capital Expenditure and Tax Rate Guidance for the Full Year of Fiscal 2018
August 20, 2018 at 01:45 pm
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MMG Limited announced unaudited consolidated earnings results for the six months ended June 30, 2018. For the six months, the company announced revenue was USD 1,898.8 million compared to USD 1,749.8 million for the same period a year ago. Earnings before interest, income tax, depreciation and amortization expenses EBITDA was USD 984.2 million compared to USD 970.4 million for the same period a year ago. Profit before interest and income tax – EBIT was USD 577.4 million compared to USD 584.4 million for the same period a year ago. Profit before income tax was USD 327.4 million compared to USD 325.9 million for the same period a year ago. Profit for the period from continuing operations attributable to equity holders of the company was USD 124.2 million compared to USD 7.0 million for the same period a year ago. Profit for the period attributable to equity holders of the company was USD 128.7 million compared to USD 17.8 million for the same period a year ago. Diluted earnings per share from continuing operations were 1.53 cents compared to 0.09 cents for the same period a year ago. Diluted earnings per share were 1.59 cents compared to 0.22 cents for the same period a year ago. Net cash generated from operating activities was USD 941.5 million compared to USD 1,116.0 million for the same period a year ago. Purchase of property, plant and equipment was USD 101.8 million compared to USD 347.8 million for the same period a year ago. Purchase of intangible assets was USD 0.2 million compared to USD 1.0 million for the same period a year ago. Net debt as on June 30, 2018 was USD 7,691.9 million. Profit for the period from continuing operations was USD 188.8 million compared to USD 102.4 million for the same period a year ago.
Total capital expenditure is now expected to be around USD 400 million in 2018. This is significantly below previous expectations of USD 550 million to USD 600 million due to a focus on capital discipline, the deferral of some planned capital projects into 2019 and a higher than planned revenue contribution from Dugald River prior to commercial production. This was due to early commissioning of the asset and higher average zinc prices in the first half. Effective tax rate for the full year is expected to be in the 40% range.
The company expects to produce 490,000 tonnes to 510,000 tonnes of copper and 190,000 tonnes to 220,000 tonnes of zinc in 2018. This excludes the previous guidance for Sepon, which MMG will cease to have an economic interest in from 1 January 2018 assuming the sale is completed.
MMG Limited is an Australia-based mining company. The principal activities of the Company include exploration, development and mining of copper, zinc, cobalt, gold, silver, and lead deposits around the world. Its segment includes Las Bambas, Kinsevere, Dugald River, Rosebery, and Other. Las Bambas is an open-pit, scalable, long-life copper and molybdenum mining operation with prospective exploration options. It is located in the Cotabambas, Apurimac region of Peru. Kinsevere is an open-pit copper mining operation located in the Haut-Katanga Province of the Democratic Republic of Congo (DRC). The Dugald River mine is an underground zinc mining operation located near Cloncurry in Northwest Queensland. The Rosebery is an underground polymetallic base metal mining operation located on Tasmaniaâs west coast. It also operates Khoemacau copper mine, located in southern Africa's Kalahari Copper Belt, and has copper reserves and mining rights covering an area of more than 4,000 square km.
MMG Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2018; Provides Operating Guidance and Revises Capital Expenditure and Tax Rate Guidance for the Full Year of Fiscal 2018
MMG LIMITED 
