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ZCCM IH announces unaudited results for 6 month ended March
Tuesday, 19 Jul 2011
ZCCM Investments Holdings Plc announced the unaudited results for the 6 month period ended March 31 2011.
On April 26th 2010 ZCCM-IH Plc divested 65% of the Maamba Collieries Limited shares to Nava Bharat Singapore Limited. Consequently, the consolidated accounts to March 31st 2011 reflect MCL as an Associate Company whilst the comparative figures for the period to March 31st 2010 reflect MCL as a Subsidiary Company.
The Group achieved a turnover of ZMK 147,762 million during the 6 month period ended March 31st 2011 which was 43% above the turnover of ZMK 103,106 million for the 6 months to March 31st 2010.
This was mainly as a result of increase in turnover from Ndola Lime Company Limited. Turnover of ZMK 110,286 million for NLC during the period ended March 31st 2011 was 39% above that of ZMK 79, 615 million for the corresponding period to March 31st 2010. This increase was largely due to an increase in selling prices of Lime products effected during the month of February 2011 and an increase in sales which was made possible as a result of both the rotary kiln and the vertical kiln being operational during the period under review. The increase in exports of Lime products to DRC also contributed to the rise in sales during the period.
Income amounting to ZMK 24,086 million was earned in December 2010, an amount which was enshrined in the transaction agreements between ZCCM-IH and TEAL Minerals Limited. The trigger for the payment was the development decision by TEAL to proceed with the Mine Development Program of the Konkola North Copper Project. The proceeds from this investment disposal contributed to the increase in turnover. During the period under review, ZCCM-IH exercised its option to take up 20% of the shares in KONNOCO as provided for under the transaction agreements.
Dividends of ZMK 4,414 million received from Chibuluma Mines Plc during the period. In addition, interest earned from placements and fixed deposits during the period amounted to ZMK 3,979 million where as management fees of ZMK 961 million were earned from GRZ relating to the Copperbelt Environment Project implementation. This also contributed to the increase in turnover.
The cost of turnover increased to ZMK 92,912 million for the period to March 31st 2011 from ZMK 82,140 million for the corresponding period to March 31st 2010. This was largely due to an increase in NLC cost of sales of ZMK 18,716 million attributed to the use of both the rotary kiln and the vertical kiln. This increase in price of Heavy Fuel Oils during the period also resulted in increased cost of turnover.
However, this increase in the cost of turnover was favorably impacted by the divestment of MCL. The divestment resulted in a reduction in cost of turnover of ZMK 9,115 million for the period to March 31st 2011.
The operating profit for the period under review of ZMK 54,850 million was ZMK 33,884 million higher than that for the same period last year. This was largely as a result of the increase in turnover for the period under review.The retained profit for the period under review of ZMK 355,435 million was ZMK 54,788 million higher than that for the same period last year.This result was attributable to favorable exchange rate which resulted in an exchange gain of ZMK 13,545 million drops in interest charges and an increase in share of profits of Associate Companies.